By Jennifer Chiou
New York, May 1 - HSBC USA Inc. priced $1.18 million of fixed-to-floating-rate notes due May 2, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5% for the first two years. After that, it will be Libor plus 115 basis points, subject to a maximum rate of 7% per year in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $1.18 million
|
| Maturity: | May 2, 2022
|
| Coupon: | 5% for first two years; after that, Libor plus 115 bps, up to maximum rate of 7% per year; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | April 27
|
| Settlement date: | May 2
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 1.383%
|
| Cusip: | 4042K1G72
|
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