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HSBC plans 10%-12% callable yield notes on Gold Miners, SPDR Metals
By Susanna Moon
Chicago, Jan. 20 - HSBC USA Inc. plans to price callable yield notes due Feb. 2, 2012 based on the performance of the Market Vectors Gold Miners exchange-traded fund and the SPDR S&P Metals & Mining ETF, according to an FWP with the Securities and Exchange Commission.
The coupon will be 10% to 12% per year, payable quarterly, with the exact rate to be set at pricing.
The notes will be called at par plus accrued interest if the indexes close above their initial levels on any quarterly observation date.
A trigger event will occur if either fund falls below the trigger level - 72.5% of the initial level - on any trading day.
If a trigger event does not occur or if a trigger event occurs but the least-performing fund gains, the payout at maturity will be par.
If a trigger event occurs and the return of the least-performing fund is negative, investors will share in those losses.
The notes (Cusip: 4042K1CP6) will price on Jan. 28 and settle on Feb. 2.
HSBC Securities (USA) Inc. is the agent.
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