Published on 4/26/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.03 million fixed-to-floaters with 3% initial rate
By Susanna Moon
Chicago, April 26 - HSBC USA Inc. priced $1.03 million of fixed-to-floating notes due May 15, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, it will be equal to Libor plus 100 basis points, with minimum coupon rate of 1% and up to a maximum rate of 6%. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $3.95 million
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Maturity: | May 15, 2023
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Coupon: | 3% initially; after one year, Libor plus 100 bps, floor of 1% and capped at 6%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 24, April 25 and April 26
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Settlement date: | May 15
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1%
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Cusip: | 40432XEY3
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