Published on 2/11/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $900,000 more fixed-to-floaters with 1.5% initial rate
By Jennifer Chiou
New York, Feb. 11 – HSBC USA Inc. priced $900,000 of additional fixed-to-floating notes Feb. 18, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $21.55 million. The initial $20 million of notes priced on Feb. 2.
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.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $21.55 million (up from original $20 million)
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Maturity: | Feb. 18, 2020
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Coupon: | 1.5% initially; beginning on Feb. 18, 2017, Libor plus 70 bps, capped at 4%; payable quarterly with floor of zero
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 2 for $20 million, Feb. 4-Feb. 6 for $650,000, Feb. 9 and Feb. 11 for $900,000
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Settlement date: | Feb. 18
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.25%
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Cusip: | 40433BA65
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