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HSBC plans fixed-to-floaters due 2017 with 1.5% initial rate, 5% cap
By Susanna Moon
Chicago, May 30 - HSBC USA Inc. plans to price fixed-to-floating notes with a minimum coupon due June 7, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 1.5% for the first two years. After that, it will be Libor plus 45 basis points, with a minimum rate of 0.45% and up to a maximum rate of 5%. Interest is payable semiannually.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on May 31 and settle on June 7.
The Cusip number is 4042K1M42.
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