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HSBC plans to price fixed-to-floating notes with 2.5% initial rate
By Angela McDaniels
Tacoma, Wash., Dec. 12 – HSBC USA Inc. plans to price fixed-to-floating notes due Dec. 29, 2021, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 2.5% for the first two years. After that, it will be Libor plus 100 basis points, subject to a minimum of zero and a maximum 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 Dec. 23.
The Cusip number is 40433UF35.
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