New Issue: HSBC prices $10.88 million callable step-up notes with 3% initial rate

By Sarah Lizee

Olympia, Wash., May 1 – HSBC USA Inc. priced $10.88 million of callable step-up rate notes due May 2, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% initially, stepping up to 3.4% on May 2, 2020, to 3.8% on May 2, 2021 and to 4.2% on May 2, 2022. Interest is payable semiannually.

The notes are callable in whole on any semiannual date beginning on May 2, 2020.

The payout at maturity will be par.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Callable step-up notes
Amount:	$10,882,000
Maturity:	May 2, 2023
Coupon:	3% initially, stepping up to 3.4% on May 2, 2020, to 3.8% on May 2, 2021 and to 4.2% on May 2, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	In whole at par semiannually beginning May 2, 2020
Pricing date:	April 27
Settlement date:	May 2
Agent:	HSBC Securities (USA) Inc.
Fees:	0.624%
Cusip:	40435FWK9

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