New Issue: HSBC prices $2 million callable step-up notes with 3.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, March 23 – HSBC USA Inc. priced $2 million of callable step-up notes due March 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.25% initially, stepping up to 3.75% on March 24, 2022, to 4.25% on March 24, 2025 and to 5% on March 24, 2026. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any semiannual review date after a year.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Callable step-up rate notes
Amount:	$2 million
Maturity:	March 24, 2027
Coupon:	3.25% initially, stepping up to 3.75% on March 24, 2022, to 4.25% on March 24, 2025 and to 5% on March 24, 2026; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any semiannual review date beginning March 24, 2018
Pricing date:	March 21
Settlement date:	March 24
Agent:	HSBC Securities (USA) Inc.
Fees:	1.615%
Cusip:	40433UW51

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