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HSBC plans five-year callable step-up notes with 2.25% initial rate
By Susanna Moon
Chicago, Feb. 13 – HSBC USA Inc. plans to price callable step-up notes due Feb. 23, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.25% for one year, then step up to 2.55% Feb. 23, 2018, to 2.85% on Feb. 23, 2019, to 3.15% on Feb. 23, 2020 and to 3.45% on Feb. 23, 2021. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any quarter review date beginning Feb. 23, 2018.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Feb. 17 and settle on Feb. 23.
The Cusip number is 40433UR81.
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