Published on 5/9/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $6.07 million more fixed-to-floaters with 3% initial rate
By Jennifer Chiou
New York, May 9 - HSBC USA Inc. priced another $6,065,000 of fixed-to-floating notes due May 15, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $24,742,000. The issuer previously priced $3.95 million of the notes on April 24, April 25 and April 26, another $9.33 million of the notes on April 29, April 30 and May 1, and $5,397,000 on May 2, May 3 and May 6.
The coupon will be 3% for the first year. After that, it will be equal to Libor plus 100 basis points, with minimum coupon rate of 1% and up to a maximum rate of 6%. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $24,742,000, increased from $3.95 million
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Maturity: | May 15, 2023
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Coupon: | 3% initially; after one year, Libor plus 100 bps, floor of 1% and capped at 6%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing dates: | April 24, April 25 and April 26 (for $3.95 million); April 29, April 30 and May 1 (for $9.33 million); May 2, May 3 and May 6 (for $5,397,000); May 7, May 8 and May 9 (for $6,065,000)
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Settlement date: | May 15
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.01%
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Cusip: | 40432XEY3
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