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HSBC Bank to issue callable leveraged steepener CDs via Morgan Stanley
By Angela McDaniels
Tacoma, Wash., Sept. 28 - HSBC Bank USA, NA plans to issue callable leveraged steepener certificates of deposit due Oct. 7, 2019, according to a term sheet.
Morgan Stanley & Co. Inc. and HSBC Securities USA Inc. are the agents.
Interest will accrue at 7% per year for the first year. After that, interest will be four times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 0.25%, with a floor of zero and a cap of 8% per year. Interest will be payable quarterly.
The CDs will be callable at par on Oct. 7, 2011, Oct. 7, 2013, Oct. 7, 2015 and Oct. 7, 2017.
The CDs were expected to price Sept. 23, and the settlement date is Oct. 7.
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