HSBC plans three-year fixed-to-floaters with 1% start rate, 2.5% cap

By Susanna Moon

Chicago, Feb. 10 - HSBC USA Inc. plans to price fixed-to-floating notes due Feb. 24, 2017, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 1% for the first year. After that, it will be equal to Libor plus a spread of 25 basis points, up to a maximum rate of 2.5%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

HSBC Securities (USA) Inc. is the agent.

The notes will settle on Feb. 24.

The Cusip number is 40432XTV3.

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