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HSBC plans 16%-19% callable yield notes linked to S&P 500, Russell 2000
By Susanna Moon
Chicago, April 8 - HSBC USA Inc. plans to price 16% to 19% callable yield notes due April 30, 2010 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly. The exact rate will be set at pricing.
The notes may be called at par on any coupon payment date with notice of at least five business days.
If the notes are not called, investors will receive par if both indexes remain above their knock-in levels - 60% of the initial level - during the life of the notes. If either index falls to or below its knock-in level, the payout will be par plus the final return of the worst-performing index, subject to a maximum payout of par.
The notes are expected to price on April 27 and settle on April 30.
HSBC Securities (USA) Inc. is the underwriter.
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