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HSBC Bank to price knock-out barrier CDs linked to S&P 500 index
By Jennifer Chiou
New York, July 1 - HSBC Bank USA, NA plans to price 0% knock-out barrier certificates of deposit due July 29, 2013 linked to the S&P 500 index, according to a term sheet.
If the index remains below the knock-out barrier of 130% 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 2% to 4% knock-out return that will be set at pricing.
The CDs will be putable on July 29, 2011 and July 31, 2012.
The CDs (Cusip: 40431GBT5) will price on July 26 and settle on July 29.
HSBC Securities (USA) Inc. is the agent.
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