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HSBC Bank USA plans to sell absolute return CDs linked to S&P 500
By Susanna Moon
Chicago, June 9 - HSBC Bank USA, NA plans to issue 0% absolute return certificates of deposit due April 29, 2011 linked to the S&P 500 index, according to a term sheet.
If the index stays within its barriers, the payout at maturity will be par plus the absolute value of the index return. The upper barrier will be 122% to 127% of the initial level, and the lower barrier will be 85% of the initial level. The exact barrier levels will be set at pricing.
Otherwise, the payout will be par.
The securities will price on June 24 and settle on June 29.
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