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HSBC plans 10-year callable step-up notes with 3.25% initial rate
By Wendy Van Sickle
Columbus, Ohio, March 16 – HSBC USA Inc. plans to price callable step-up rate notes due March 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.25% for the first five years, stepping up to 3.75% on March 24, 2022, to 4.25% on March 24, 2025 and to 5% on March 24, 2027. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly call date beginning March 24, 2018.
HSBC Securities (USA) Inc. is the agent.
The notes will price on March 21 and settle on March 24.
The Cusip number is 40433UW51.
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