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HSBC to price 8% STEP Income notes linked to Citi via Merrill Lynch
By Angela McDaniels
Tacoma, Wash., Jan. 27 - HSBC USA Inc. plans to price 8% STEP Income Securities due February 2013 linked to the common stock of Citigroup, Inc., according to an FWP filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the agent.
Interest will be payable quarterly.
If the final price of Citigroup shares is greater than or equal to the step level, the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing. The step level will be 108% of the initial share price.
If the final share price is greater than or equal to the threshold value, 90% of the initial share price, but less than the step level, the payout will be par.
Investors will lose 1% for every 1% that the share price declines below the threshold value.
The notes are expected to price and settle in February.
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