Published on 12/28/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $5 million callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, Dec. 28 – HSBC USA Inc. priced $5 million of callable step-up notes due Dec. 28, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first two years, stepping up to 3.25% on Dec. 28, 2018, to 3.5% on Dec. 28, 2019, to 3.75% on Dec. 28, 2020, to 4% on Dec. 28, 2021, to 4.25% on Dec. 28, 2022, to 4.5% on Dec. 28, 2023, to 4.75% on Dec. 28, 2024, to 5% on Dec. 28, 2025, to 5.25% on Dec. 28, 2026 and to 5.5% on Dec. 28, 2027. Interest is payable semiannually.
The notes will be callable at par on any semiannual call date after on year.
The payout at maturity will be par.
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: | $5 million
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Maturity: | Dec. 28, 2028
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Coupon: | 3% initially, stepping up to 3.25% on Dec. 28, 2018, to 3.5% on Dec. 28, 2019, to 3.75% on Dec. 28, 2020, to 4% on Dec. 28, 2021, to 4.25% on Dec. 28, 2022, to 4.5% on Dec. 28, 2023, to 4.75% on Dec. 28, 2024, to 5% on Dec. 28, 2025, to 5.25% on Dec. 28, 2026 and to 5.5% on Dec. 28, 2027; 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 call date beginning Dec. 28, 2017
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.813%
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Cusip: | 40433UJ49
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