Published on 12/30/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $559,000 fixed-to-floating notes with 2.5% initial rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 30 – HSBC USA Inc. priced $559,000 of fixed-to-floating notes due Dec. 29, 2021, according to a 424B2 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.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating-rate notes
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Reference asset: | Three-month Libor
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Amount: | $559,000
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Maturity: | Dec. 29, 2021
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Coupon: | 2.5% for first two years; then Libor plus 100 basis points, subject to minimum of zero and maximum of 4% per year
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Dec. 23
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Settlement date: | Dec. 29
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Agent: | HSBC Securities (USA) Inc.
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Fee: | 0.6%%
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Cusip: | 40433UF35
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