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HSBC to price fixed-to-floating notes due 2018 with 1.5% initial rate
By Jennifer Chiou
New York, May 23 - HSBC USA Inc. plans to price fixed-to-floating notes due Dec. 12, 2018, according to an FWP with the Securities and Exchange Commission.
The interest rate will be 1.5% for the first year. After that, the interest rate will be Libor plus 50 basis points, subject to a minimum rate of 0.5% per year and a maximum rate of 4% per year. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 40432XFV8) are expected to price on June 7 and settle on June 7.
HSBC Securities (USA) Inc. is the underwriter.
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