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HSBC plans 10% STEP Income Securities linked to Micron Technology
By Jennifer Chiou
New York, July 16 – HSBC USA Inc. plans to price 10% STEP Income Securities due August 2015 linked to the common stock of Micron Technology Inc., according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Micron Technology shares is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing. The step level will be 110% of the initial share price.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will have one-to-one exposure to the decline.
The notes will price and settle in July.
BofA Merrill Lynch is the agent.
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