Published on 3/18/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $750,000 five-year fixed-to-floaters with 1.5% initial rate
By Marisa Wong
Madison, Wis., March 18 – HSBC USA Inc. priced $750,000 of fixed-to-floating notes March 18, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 1.5% for the first two years. After that, it will be Libor plus 75 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.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $750,000
|
| Maturity: | March 18, 2020
|
| Coupon: | 1.5% for first two years; after that, Libor plus 75 bps, capped at 4%; payable quarterly with floor of zero
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 0.617%
|
| Cusip: | 40433BF94
|
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