Published on 8/4/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $3.28 million callable step-up notes with 2% initial rate
By Tali Rackner
Norfolk, Va., Aug. 4 – HSBC USA Inc. priced $3.28 million of callable step-up rate notes due July 29, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% per year through Jan. 29, 2019, stepping up to 2.25% through July 29, 2019, to 2.5% through Jan. 29, 2020, to 2.75% through July 29, 2020, to 3% through Jan. 29, 2021 and to 3.25% through maturity. Interest is payable semiannually.
The payout at maturity will be par.
The notes are callable at semiannually at par starting Jan. 29, 2019.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable step-up rate notes
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Amount: | $3,277,000
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Maturity: | July 29, 2021
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Coupon: | 2% through Jan. 29, 2019, 2.25% through July 29, 2019, 2.5% through Jan. 29, 2020, 2.75% through July 29, 2020, 3% through Jan. 29, 2021 and 3.25% through maturity; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any semiannual coupon payment date beginning Jan. 29, 2019
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Pricing date: | July 26
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Settlement date: | July 29
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Underwriter: | HSBC Securities (USA) Inc.
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Fees: | 0.525%
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Cusip: | 40433URS7
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