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HSBC extends maturity date of fixed-to-floating notes due 2020
By Toni Weeks
San Luis Obispo, Calif., May 26 – HSBC USA Inc. extended the maturity date for its upcoming issue of fixed-to-floating notes, according to an FWP filing with the Securities and Exchange Commission.
The notes will now mature in June 2020 instead of May 2020.
Interest will be at least 1.75% for the first three years, with the exact fixed rate set at pricing. Beginning in June 2018, the coupon will equal Libor plus 125 basis points, up to a maximum rate of 3%. 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 now settle in June, pushed out from May, as previously reported.
The Cusip number is 40433B2E7.
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