Published on 7/5/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $775,000 fixed-to-floating notes with 3% initial rate
By Susanna Moon
Chicago, July 5 - HSBC USA Inc. priced $775,000 of fixed-to-floating notes due July 8, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, it will be equal to Libor plus 80 basis points, with minimum coupon rate of 0.8% and up to a maximum rate of 5%. 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: | $775,000
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Maturity: | July 8, 2020
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Coupon: | 3% initially; after one year, Libor plus 80 bps, floor of 0.8% and capped at 5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 2
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Settlement date: | July 8
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.75%
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Cusip: | 40432XGZ8
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