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HSBC plans to price fixed-to-floating notes with 3.15% initial rate
By Angela McDaniels
Tacoma, Wash., Nov. 17 - HSBC USA Inc. plans to price fixed-to-floating-rate notes due Nov. 28, 2016, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 3.15% for the first 18 months. After that, the interest rate will be Libor plus 150 basis points, subject to a minimum rate of 1.5% per year and a maximum rate of 7% per year. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 4042K1SX2) will price Nov. 22 and settle Nov. 28.
HSBC Securities (USA) Inc. is the underwriter.
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