By Toni Weeks
San Diego, Aug. 11 - HSBC USA Inc. priced $3.37 million of fixed-to-floating notes due Aug. 12, 2016, according to a 424B2 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.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $3.37 million
|
| Maturity: | Aug. 12, 2016
|
| Coupon: | Initially 2.5%; after that, Libor plus 62.5 bps; maximum of 6%, minimum of 0%; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 9
|
| Settlement date: | Aug. 12
|
| Agents: | HSBC Securities (USA) Inc.
|
| Cusip: | 4042K1LM3
|
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