HSBC plans to price 10-year fixed-to-floaters with 4% initial rate

By Toni Weeks

San Diego, Aug. 31 - HSBC USA Inc. plans to price fixed-to-floating notes due Sept. 16, 2021, according to an FWP with the Securities and Exchange Commission.

The interest rate is 4% for the first three years. After that, it will be equal to Libor plus 100 basis points, subject to a minimum rate of 1% and a maximum rate of 7%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 4042K1NB5) are expected to settle on Sept. 16.

HSBC Securities (USA) Inc. is the agent.

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