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HSBC plans 12-year callable step-up notes with 3.5% initial rate
By Jennifer Chiou
New York, July 12 - HSBC USA Inc. plans to price callable step-up fixed-rate notes due July 28, 2023, according to an FWP with the Securities and Exchange Commission.
The interest rate will be 3.5% in years one through four, stepping up to 5.5% on July 28, 2015. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on July 28, 2015.
The notes (Cusip: 4042K1LG6) are expected to price on July 25 and settle on July 28.
HSBC Securities (USA) Inc. is the agent.
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