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HSBC Bank USA plans callable growth protected CDs linked to S&P 500
By Jennifer Chiou
New York, Jan. 8 - HSBC Bank USA NA plans to issue callable growth protected certificates of deposit due July 31, 2012 linked to the S&P 500 index, according to a term sheet.
The CDs will be non-callable for two years. Thereafter, the CDs will be callable annually at the early redemption rates, which are 16% on the first callable redemption date and increasing by 8% annually until it reaches a 40% maximum.
At maturity, the CD will pay par plus any index return.
The CDs will price on Jan. 26 and are expected to settle on Jan. 31.
The CDs will be FDIC insured.
LaSalle ABN Amro will be the agent.
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