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HSBC plans to price five-year fixed-to-floating notes with 6% cap
By Toni Weeks
San Diego, July 28 - HSBC USA Inc. plans to price fixed-to-floating notes due Aug. 12, 2016, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 2.5% for the first two years. After that, the interest rate will be Libor plus 62.5 basis points, subject to a maximum rate of 6% in each interest period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes (Cusip: 4042K1LM3) will price Aug. 9 and settle Aug. 12.
HSBC Securities (USA) Inc. is the agent.
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