HSBC plans growth opportunity averaging CDs tied to low vol portfolio

By Angela McDaniels

Tacoma, Wash., June 12 – HSBC Bank USA, NA plans to price 0% growth opportunity averaging certificates of deposit due June 28, 2024 linked to the PowerShares S&P 500 Low Volatility Portfolio, according to a term sheet.

The payout at maturity will be par plus the fund return, subject to a minimum return that is expected to be 3% to 6% and will be set at pricing.

The final fund price will be the average of the fund’s closing 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 26.

The Cusip number is 40434YKG1.

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