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HSBC Bank to price knock-out barrier CDs linked to S&P 500 index
By Jennifer Chiou
New York, June 2 - HSBC Bank USA, NA plans to price 0% knock-out barrier certificates of deposit due June 25, 2015 linked to the S&P 500 index, according to a term sheet.
If the index remains below the knock-out barrier of 155% to 165% of the initial level during the life of the CDs, investors will receive par plus the index return. If the index closes at or beyond the barrier, the payout will be par plus the 10% knock-out return.
The CDs will be putable on June 30, 2011, June 29, 2012, June 28, 2013 and June 27, 2014.
The CDs (Cusip: 40431GAX7) will price on June 22 and settle on June 25.
HSBC Securities (USA) Inc. is the agent. Advisors Asset Management, Inc. is the distributor.
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