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HSBC plans barrier multi-coupon opportunity CDs tied to Russell 2000
By Susanna Moon
Chicago, July 1 - HSBC Bank USA, NA plans to price barrier multi-coupon opportunity certificates of deposit due July 29, 2013 based on the performance of the Russell 2000 index, according to a term sheet.
If the index stays at or below its barrier, the coupon payment for that year will be par plus the index return. The barrier will be 115% to 120% for the first year, 125% for the second year and 135% for the third year. Interest will be payable annually and cannot be less than zero.
The payout at maturity will be par.
The CDs will be putable on Aug. 30, 2011 and Aug. 30, 2012.
The CDs (Cusip: 40431GBQ1) will price on July 22 and settle on July 27.
HSBC Securities (USA) Inc. is the agent.
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