HSBC plans 6.75%-8.75% trigger yield optimization notes on Icici Bank

By Toni Weeks

San Diego, Feb. 22 - HSBC USA Inc. plans to price 6.75% to 8.75% trigger yield optimization notes due Feb. 29, 2012 linked to the American Depositary Receipts of Icici Bank Ltd., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly. The exact coupon will be set at pricing.

The face amount of each note will be equal to the initial Icici Bank ADR price.

The payout at maturity will be par unless the final Icici Bank ADR price is less than 80% of the initial ADR price, in which case investors will receive one Icici ADR per note.

The notes (Cusip: 40432R146) are expected to price on Feb. 24 and settle on Feb. 28.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the underwriters.

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