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HSBC plans 10-year callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, April 6 – HSBC USA Inc. plans to price callable step-up notes due April 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first five year, stepping up to 3.25% on April 21, 2022, to 3.75% on April 21, 2023, to 4.25% on April 21, 2024, to 4.75% on April 21, 2025 and to 5.25% on April 21, 2026. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any semiannual date beginning April 21, 2019.
HSBC Securities (USA) Inc. is the agent.
The notes will price on April 18 and settle on April 21.
The Cusip number is 40433U3D6.
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