HSBC plans to price fixed-to-floating notes with 2.15% initial rate

By Marisa Wong

Morgantown, W.Va., July 18 – HSBC USA Inc. plans to price fixed-to-floating notes due July 27, 2021, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 2.15% per year in years one and two and Libor plus 115 basis points after that, subject to a minimum rate of zero and a maximum rate of 4% per year. Interest will be payable quarterly.

The payout at maturity will be par.

HSBC Securities (USA) Inc. is the agent.

The notes will price on July 22.

The Cusip number is 40433URR9.

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