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HSBC plans fixed-to-floating notes with step-up cap, 1.5% initial rate
By Tali Rackner
Norfolk, Va., July 2 – HSBC USA Inc. plans to price fixed-to-floating notes with a step-up cap due July 20, 2020, according to an FWP filing with the Securities and Exchange Commission.
Interest will be 1.5% for the first year. After that it will be three-month Libor plus 80 basis points, up to a maximum rate of 3.5% for the second year, 3.75% for the third year, 4.5% for the fourth year and 5.5% for the fifth year. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par plus the coupon rate.
HSBC Securities (USA) Inc. is the agent.
The notes will settle on July 21.
The Cusip number is 40433B4B1.
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