HSBC to price three-year fixed-to-floaters with 2% initial rate

By Jennifer Chiou

New York, Oct. 18 - HSBC USA Inc. plans to price fixed-to-floating notes due Oct. 28, 2014, according to an FWP with the Securities and Exchange Commission.

The interest rate is 2% for the first year. After that, it will be equal to Libor plus 100 basis points, subject to a maximum rate of 5% per year with a floor of 1%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 4042K1QV8) are expected to price on Oct. 25 and settle on Oct. 28.

HSBC Securities (USA) Inc. will be the agent.

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