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HSBC plans one-year callable Stars linked to S&P 500 via Merrill Lynch
By Susanna Moon
Chicago, Aug. 16 - HSBC USA Inc. plans to price 0% Strategic Accelerated Redemption Securities due September 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch will be the agent.
If the index closes at or above its initial level on any of three observation dates, the notes will be called at par of $10 plus an annualized call premium of 7% to 11%. The observation dates are in February 2013, May 2013 and September 2013, and the exact call premium will be set at pricing.
If the notes are not called, the payout at maturity will be par if the index falls by up to 5%, and investors will be exposed to losses beyond 5%.
The notes are expected to price in August and settle in September.
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