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HSBC plans callable step-up rate notes due 2024 with 1% initial rate
By Jennifer Chiou
New York, June 23 – HSBC USA Inc. plans to price callable step-up rate notes due July 11, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1% initially, stepping up to 1.5% on July 11, 2015, to 2% on July 11, 2016 and to 4.55% on June 11, 2017. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on July 11 in 2015, 2016 and 2017.
The notes (Cusip: 40433BEN4) are expected to settle on July 11.
HSBC Securities (USA) Inc. is the agent.
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