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HSBC plans leveraged steepener notes tied to 30-, two-year CMS rates
New York, June 21 – HSBC USA Inc. plans to price leveraged steepener notes due July 3, 2023, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 4% for the first year. After that, the interest rate will be at least 7.25 times the reference rate, subject to a floor of zero. The reference rate is the 30-year Constant Maturity Swap rate minus the two-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
The notes will price on June 27 and settle on July 3.
The Cusip number is 40435FH91.
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