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HSBC plans five-year fixed-to-floaters with 2% initial rate, 4% cap
By Susanna Moon
Chicago, June 24 – HSBC USA Inc. plans to price fixed-to-floating notes due July 8, 2020, according to an FWP filing with the Securities and Exchange Commission.
Interest will be 2% for the first year. After that it will be Libor plus 60 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 July 8.
The Cusip number is 40433BG93.
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