Credit Suisse prices $17 million fixed-to-floating notes; HSBC sells S&P 500-linked notes

By Sheri Kasprzak

New York, April 13 – It was a more subdued session for pricings, led by a $17 million issue of fixed-to-floating notes from Credit Suisse AG, Nassau Branch.

The notes are due April 14, 2026 and have a 5% interest rate for the first two years. After that time, the interest rate will be equal to Libor plus 125 basis points, subject to a maximum rate of 5%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity is par.

Barclays was the placement agent.

HSBC sells S&P notes

In other pricing action, HSBC USA Inc. priced $3.17 million of zero-coupon buffered Accelerated Market Participation Securities linked to the S&P 500 index.

The securities are due Feb. 15, 2018 and pay par plus double the index return, subject to a maximum return of 21.4%, assuming the index return is positive.

If the index declines by 10% or less, investors receive par, and they will lose 1.111% for every 1% that the index declines beyond 10%.

HSBC Securities (USA) Inc. was the agent for the deal.

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