Published on 10/25/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $6.36 million callable step-up notes with 2% initial rate
By Marisa Wong
Morgantown, W.Va., Oct. 25 – HSBC USA Inc. priced $6.36 million of callable step-up rate notes due Oct. 26, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% for the first two years, stepping up to 2.25% on Oct. 26, 2018, to 2.625% on Oct. 26, 2019 and to 3% on Oct. 26, 2020. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable in whole at par quarterly beginning Oct. 26, 2017.
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: | $6.36 million
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Maturity: | Oct. 26, 2021
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Coupon: | 2% for the first two years, stepping up to 2.25% on Oct. 26, 2018, to 2.625% on Oct. 26, 2019 and to 3% on Oct. 26, 2020; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | In whole at par quarterly beginning Oct. 26, 2017
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Pricing date: | Oct. 21
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Settlement date: | Oct. 26
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.5%
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Cusip: | 40433UXV3
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