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HSBC to offer four-year knock-out barrier CDs linked to S&P 500 index
By Susanna Moon
Chicago, Aug. 5 - HSBC Bank USA, NA plans to price 0% knock-out barrier certificates of deposit due Aug. 28, 2014 based on the performance of the S&P 500 index, according to a term sheet.
If the index ever closes above the knock-out barrier - 135% to 145% of the initial level - during the life of the CDs, the payout at maturity will be par plus 8%. The exact barrier will be set at pricing.
Otherwise, the payout at maturity will be par plus any index gain.
Investors will receive at least par.
The CDs will be putable on Aug. 29, 2011, Aug. 29, 2012 and Aug. 29, 2013.
The CDs (Cusip 40431GDP1) will price Aug. 23 and settle Aug. 26.
HSBC Securities (USA) Inc. is the agent.
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