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HSBC plans Income Plus CDs tied to stocks with 4.75% potential coupon
By Marisa Wong
Morgantown, W.Va., Feb. 9 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due Feb. 27, 2023 linked to the common stocks of Apple Inc., AT&T Inc., Deere & Co., Merck & Co., Inc. and Philip Morris International Inc., according to a term sheet.
Interest will be payable annually. The interest rate will be 1.25% plus (a) the performance-based annual coupon, 3.5%, if each basket stock closes at or above its initial share price on the valuation date for that year or (b) 0% otherwise.
The payout at maturity will be par plus the last coupon payment.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is distributor.
The CDs are expected to price Feb. 22.
The Cusip number is 40434YUQ8.
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