Published on 6/7/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2.52 million fixed-to-floaters with 2.25% initial rate
By Wendy Van Sickle
Columbus, Ohio, June 7 – HSBC USA Inc. priced $2.52 million of fixed-to-floating notes due June 8, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.25% for the first two years. After that, it will be Libor plus 100 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: | $2,523,000
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Maturity: | June 8, 2021
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Coupon: | 2.25% initially; beginning June 8, 2018, Libor plus 100 bps, capped at 4%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 3
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Settlement date: | June 8
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.5%
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Cusip: | 40433UPE0
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