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HSBC plans 10-year callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, Jan. 5 – HSBC USA Inc. plans to price callable step-up rate notes due Jan. 20, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first four years, stepping up to 3.75% on Jan. 20, 2021, to 4.25% on Jan. 20, 2024 and to 6.25% on Jan. 20, 2026. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any quarterly call date beginning Jan. 20, 2019.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Jan. 17 and settle on Jan. 20.
The Cusip number is 40433UK88.
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