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HSBC plans 12.5%-13% callable yield notes on Russell, Gold Miners ETF
By Marisa Wong
Madison, Wis., April 18 - HSBC USA Inc. plans to price 12.5% to 13% callable yield notes due April 30, 2012 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
A trigger event will occur if the fund or index closes below 65% of its initial level during the life of the notes.
If a trigger event does not occur or a trigger event occurs but the return of the least-performing component is positive, the payout will be par.
If a trigger event occurs and the return of the least-performing component is negative, investors will share in the decline.
The notes are callable at par on any interest payment date.
The notes (Cusip: 4042K1GJ6) are expected to price on April 25 and settle on April 28.
HSBC Securities (USA) Inc. is the agent.
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