HSBC plans five-year callable step-up notes with 1% initial rate

By Susanna Moon

Chicago, Dec. 11 – HSBC USA Inc. plans to price callable step-up rate notes due Dec. 23, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 1% for the first year, stepping up to 2% in year two, to 3.05% in year three, to 4.1% in year four and to 5.2% in year five. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par on any coupon payment date after one year.

HSBC Securities (USA) Inc. is the agent.

The notes will price on Dec. 18 and settle on Dec. 23.

The Cusip number is 40433UFB7.

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