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HSBC plans five-year fixed-to-floating notes with 1.5% initial rate
By Toni Weeks
San Luis Obispo, Calif., Feb. 3 – HSBC USA Inc. plans to price fixed-to-floating notes due Feb. 18, 2020, according to an FWP filing with the Securities and Exchange Commission.
Interest will be 1.5% for the first two years. After that it will be Libor plus 70 basis points, up to a maximum rate of 4%. Interest will be 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 Feb. 18.
The Cusip number is 40433BA65.
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