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HSBC increases initial rate, coupon cap for 10-year fixed-to-floaters
By Toni Weeks
San Luis Obispo, Calif., July 18 - HSBC USA Inc. amended the initial coupon and coupon cap for its upcoming issue of fixed-to-floating notes due July 26, 2023, according to an FWP filing with the Securities and Exchange Commission.
The coupon will now be 3.3% for the first 18 months, bumped up from 3.25%. After that, interest will equal Libor plus 100 basis points, up to a maximum rate of 7%. The cap was previously set at 6%. 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 settle on July 26.
The Cusip number is 40432XHZ7.
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