Published on 8/27/2012 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $16.28 million callable step-up notes with 2.8% initial rate
By Jennifer Chiou
New York, Aug. 27 - HSBC USA Inc. priced $16,277,000 of callable step-up notes due Aug. 30, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 2.8% for the first five years. It will step up to 3.8% on Aug. 30, 2017 and then to 4.8% on Aug. 30, 2022. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on Aug. 30, 2017 and Aug. 30, 2022.
Bank of America Merrill Lynch is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable step-up notes
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Amount: | $16,277,000
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Maturity: | Aug. 30, 2027
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Coupon: | 2.8% initially, stepping up to 3.8% on Aug. 30, 2017 and then to 4.8% on Aug. 30, 2022; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on each Aug. 30, 2017 and Aug. 30, 2022
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Pricing date: | Aug. 23
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Settlement date: | Aug. 30
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Agent: | Bank of America Merrill Lynch
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Fees: | 1.5%
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Cusip: | 4042K13J0
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