Published on 7/26/2016 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $13.28 million fixed-to-floaters with 2.15% initial rate
By Angela McDaniels
Tacoma, Wash., July 26 – HSBC USA Inc. priced $13.28 million of fixed-to-floating notes due July 27, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.15% for the first two years. After that, it will be Libor plus 115 basis points, subject to a minimum of zero and a maximum of 4% per year. Interest is payable quarterly.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $13,275,000
|
| Maturity: | July 27, 2021
|
| Coupon: | 2.15% for first two years; after that, Libor plus 115 bps, subject to minimum of zero and maximum of 4% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | July 22
|
| Settlement date: | July 27
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 0.5%
|
| Cusip: | 40433URR9
|
|
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