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HSBC Bank USA plans absolute return CDs linked to S&P 500 index
By Jennifer Chiou
New York, June 10 - HSBC Bank USA, NA plans to issue absolute return certificates of deposit due Oct. 28, 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. Otherwise, the payout will be par.
The upper barrier will be 125% to 130% of the initial level, and the lower barrier will be 85% of the initial level. The exact barrier levels will be set at pricing.
The securities will price on June 24 and settle on June 29.
HSBC Securities (USA) Inc. will be the agent.
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