HSBC plans fixed-to-floaters with 3.4%-4% initial rate, 0.5% floor

By Susanna Moon

Chicago, May 11 - HSBC USA Inc. plans to price fixed-to-floating notes with a minimum coupon due May 2017, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 3.4% to 4% for the first year. After that, it will be Libor plus 50 basis points, with a minimum rate of 0.5%. Interest is payable quarterly.

The payout at maturity will be par.

Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are the agents.

The notes will price and settle in May.

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