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HSBC plans bullish skewed absolute return CDs linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Sept. 3 - HSBC Bank USA, NA plans to price 0% bullish skewed absolute return certificates of deposit due Jan. 26, 2012 linked to the Russell 2000 index, according to a term sheet.
If the index does not close above the upper barrier or below the lower barrier during the life of the notes, 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 138% to 148% of the initial index level, and the lower barrier will be 85% of the initial level. The exact upper barrier will be set at pricing.
The CDs will be putable on Sept. 30, 2010 and Sept. 30, 2011. The redemption amount will be determined by the calculation agent and may be less than par.
The CDs will price Sept. 23 and settle Sept. 28.
HSBC Securities (USA) Inc. is the agent.
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