New Issue: HSBC prices $3.29 million fixed-to-floating notes with 3% initial rate

By Marisa Wong

Madison, Wis., May 15 - HSBC USA Inc. priced $3.29 million of fixed-to-floating-rate notes due May 16, 2017, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% for the first year. After that, it will be Libor plus 115 basis points, subject to a minimum rate of 1.15% per year and a maximum rate of 6% 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:	$3,289,000
Maturity:	May 16, 2017
Coupon:	3% for first year; after that, Libor plus 115 bps, floored at 1.15% per year, capped at 6% per year; payable quarterly
Price:	Variable
Payout at maturity:	Par
Pricing date:	May 11
Settlement date:	May 16
Agent:	HSBC Securities (USA) Inc.
Fees:	0.652% (weighted average)
Cusip:	4042K1L50

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