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HSBC plans seven-year annual income CDs on tech titans stocks
By Jennifer Chiou
New York, April 3 - HSBC Bank USA, NA plans to price annual income opportunity technology titans CDs with auto cap due April 26, 2019 linked to a basket of 10 stocks, according to a pricing sheet.
The basket includes the common stocks of Apple Inc., Cisco Systems, Inc., Google Inc., IBM Corp., Intel Corp., Microsoft Corp., Oracle Corp. Qualcomm, Inc., AT&T and Verizon Communications Inc.
Interest is payable annually and will equal the average of the performances of the basket stocks, subject to a floor of zero.
If a basket stock's return is zero or positive, its performance will be fixed at a coupon of at least 6%. The exact auto cap rate will be determined at pricing. If a basket stock's return is negative, its performance will be the greater of the stock return and negative 30%.
The payout at maturity will be par.
The CDs (Cusip: 40431GP29) will price on April 23 and settle on April 26.
HSBC Securities (USA) Inc. is the agent.
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