By Toni Weeks
San Diego, Nov. 23 - HSBC USA Inc. priced $7.26 million of fixed-to-floating notes due Nov. 28, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.15% for the first 18 months. After that it will be equal to Libor plus 150 basis points, subject to a maximum rate of 7% and a minimum rate of 1.5% in each period.
Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $7.26 million
|
| Maturity: | Nov. 28, 2016
|
| Coupon: | Initially 3.15%; beginning after 18 months, Libor plus 150 bps, with a maximum rate of 7% and minimum rate of 1.5%; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 22
|
| Settlement date: | Nov. 28
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 0.75%
|
| Cusip: | 4042K1SX2
|
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