HSBC plans seven-year fixed-to-floating notes with 3.25% initial rate

By Angela McDaniels

Tacoma, Wash., March 31 - HSBC USA Inc. plans to price fixed-to-floating notes due April 18, 2018, according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 3.25% for the first two years. For years three through seven, the interest rate will be Libor plus 100 basis points, subject to a cap of 6.5% per year. Interest will be payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 4042K1FL2) will price April 13 and settle April 18.

HSBC Securities (USA) Inc. is the agent.

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