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HSBC plans annual income opportunity CDs linked to global stock basket
By Angela McDaniels
Tacoma, Wash., Nov. 3 - HSBC Bank USA, NA plans to price annual income opportunity certificates of deposit due Nov. 30, 2012 linked to a basket of stocks, according to a term sheet.
The basket includes ABB Ltd., BP plc, Cameco Corp., Cemex SAB de CV, China Mobile Ltd., Corning Inc., Credit Suisse Group AG, CSX Corp., Petroleo Brasileiro SA and SAP AG.
Interest is payable annually and will equal the average of the returns on the basket stocks, subject to a floor of zero. Each stock's return will be capped at 6% to 9%, with the exact cap to be set at pricing, and will have a floor of negative 30%.
The payout at maturity will be par.
The CDs will be putable on Nov. 29, 2010 and Nov. 29, 2011 at the then-current market value of the CDs.
The CDs will price Nov. 24 and settle Nov. 30.
HSBC Securities (USA) Inc. is the agent.
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