Published on 11/13/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $4.68 million capped floating-rate notes due 2023
By Marisa Wong
Madison, Wis., Nov. 13 - HSBC USA Inc. priced $4.68 million of capped floating-rate notes due Nov. 14, 2023, according to a 424B2 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.
Issuer: | HSBC USA Inc.
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Issue: | Capped floating-rate notes
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Amount: | $4.68 million
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Maturity: | Nov. 14, 2023
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Coupon: | Libor plus 150 bps, capped at 4.25% initially, 4.75% beginning Nov. 14, 2015, 5.25% beginning Nov. 14, 2017, 5.75% beginning Nov. 14, 2019 and 6.25% beginning Nov. 14, 2021; floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Nov. 8
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Settlement date: | Nov. 14
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1%
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Cusip: | 40432XNH0
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