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HSBC plans fixed-to-floating notes with 3.3% initial rate and 7% cap
By Susanna Moon
Chicago, Sept. 16 - HSBC USA Inc. plans to price fixed-to-floating notes due Sept. 29, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.3% for the first two years. After that, it will be Libor plus 125 basis points, with a minimum rate of 1.25% and a maximum rate of 7%. Interest will be payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
The notes will settle on Sept. 29.
The Cusip number is 4042K1NV17.
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