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HSBC plans 9.5% one-year STEP Income Securities linked to Under Armour
By Susanna Moon
Chicago, Sept. 28 – HSBC USA Inc. plans to price 9.5% STEP Income Securities due October 2016 linked to Under Armour, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Under Armour stock finishes at or above the 109.5% step level, the payout at maturity will be par of $10 plus the step payment of 1% to 5%.
If the stock gains by up to the step level, investors will receive par.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in October.
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