HSBC Bank USA plans certificates of deposit linked to S&P 500

By Jennifer Chiou

New York, Jan. 30 - HSBC Bank USA NA, New York Branch plans to price callable growth protected certificates of deposit due Aug. 14, 2012 linked to the S&P 500 index, according to a term sheet.

The CDs will price on Feb. 9 and settle on Feb. 14.

The CDs are non-callable for two years and then may be called annually by the issuer at par plus 16% on the first possible redemption date, thereafter increasing by 8% annually, until reaching a maximum of 40% on the last possible redemption date.

The payout at maturity will be par plus the return on the index. Investors will receive at least par.

LaSalle Bank NA is the distributor.

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