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HSBC plans five-year callable step-up notes with 2.5% initial rate
By Wendy Van Sickle
Columbus, Ohio, March 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 2.5% for two years, then step up to 3% March 17, 2019, to 3.5% on March 17, 2020 and to 4% on March 17, 2021. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly review date beginning March 17, 2019.
HSBC Securities (USA) Inc. is the agent.
The notes will price on March 14.
The Cusip number is 40433UX50.
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