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HSBC to price growth opportunity CDs linked to low-volatility fund
By Angela McDaniels
Tacoma, Wash., June 13 – HSBC Bank USA, NA plans to price growth opportunity averaging certificates of deposit due June 29, 2023 linked to the PowerShares S&P 500 Low Volatility Portfolio, according to a term sheet.
The payout at maturity will be par plus 100% to 110% of the fund return, subject to a minimum payout of par. The exact participation rate will be set at pricing.
The final share price of the fund will be the average of its closing share prices on 28 quarterly observation dates during the life of the CDs.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is distributor.
The CDs will price June 24.
The Cusip number is 40434AY37.
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