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HSBC plans to price capped floating-rate notes due 2023
By Marisa Wong
Madison, Wis., Oct. 30 - HSBC USA Inc. plans to price capped floating-rate notes due Nov. 14, 2023, according to an FWP filing with the Securities and Exchange Commission.
Interest will be Libor plus 150 basis points, up to a cap. The cap is 4.25% initially and steps up to 4.75% beginning Nov. 14, 2015, to 5.25% beginning Nov. 14, 2017, to 5.75% beginning Nov. 14, 2019 and to 6.25% beginning Nov. 14, 2021. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Nov. 8 and settle on Nov. 14.
The Cusip number is 40432XNH0.
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