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HSBC plans to price fixed-to-floating notes with 2.1% initial rate
By Angela McDaniels
Tacoma, Wash., Aug. 5 – HSBC USA Inc. plans to price fixed-to-floating-rate notes due Aug. 19, 2021, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.1% per year in years one and two and Libor plus 110 basis points in years three through five, subject to a minimum rate of zero and a maximum rate of 3.5% 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 Aug. 16.
The Cusip number is 40433UTH9.
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