HSBC plans 10-year fixed-to-floaters with 4% initial rate, 6.3% cap

By Jennifer Chiou

New York, Aug. 28 - HSBC USA Inc. plans to price fixed-to-floating notes due Sept. 12, 2023, according to an FWP with the Securities and Exchange Commission.

The coupon will be 4% for the first year. After that, it will be equal to Libor plus 100 basis points, with minimum coupon rate of zero and up to a maximum rate of 6.3%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 40432XKX8) are expected to settle on Sept. 23.

HSBC Securities (USA) Inc. is the agent.

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