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HSBC plans to price CDs with no cap tied to Dow Jones Industrials
By Toni Weeks
San Diego, July 6 - HSBC Bank USA, NA plans to price 0%certificates of deposit due Jan. 25, 2018 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout maturity will be par plus any gain in the index, subject to a minimum return of 2% to 5% that will be set at pricing. The index return will be calculated using the average of the closing level of the index on each quarterly observation date.
Investors will receive par plus the minimum return if the index falls.
The CDs (Cusip: 40431GUZ0) are expected to price July 21 and settle July 26.
HSBC Securities (USA) Inc. will be the agent.
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