By Susanna Moon
Chicago, May 8 – HSBC USA Inc. priced $3 million of fixed-to-floating notes due May 8, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 2.5% for the first year. After that, it will be the 10-year Constant Maturity Swap rate, up to a cap of 7%. Interest is 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: | $3 million
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Maturity: | May 8, 2025
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Coupon: | 2.5% for one year; after that 10-year CMS rate, capped at 7%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 5
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Settlement date: | May 8
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.25%
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Cusip: | 40433BU55
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