By Toni Weeks
San Diego, May 18 - HSBC USA Inc. priced $5.5 million of fixed-to-floating notes due May 25, 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 equal to Libor plus 100 basis points, subject to a maximum rate of 6% and a minimum rate of 1% 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 notes
|
| Amount: | $5.5 million
|
| Maturity: | May 25, 2017
|
| Coupon: | 3% for first year; after that, Libor plus 100 bps, maximum rate of 6% and minimum rate of 1%; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | May 16
|
| Settlement date: | May 25
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 0.623%
|
| Cusip: | 4042K1N74
|
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