HSBC plans to price four-year fixed-to-floaters with 3% initial rate

By Toni Weeks

San Diego, Oct. 27 - HSBC USA Inc. plans to price fixed-to-floating notes due Nov. 16, 2015, according to an FWP filing with the Securities and Exchange Commission.

The interest rate is 3% for the first 18 months. After that, it will be equal to Libor plus 100 basis points, subject to a minimum interest rate of 1% and a maximum rate of 6%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 4042K1RC9) are expected to settle Nov. 16.

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

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