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HSBC plans to price one-year Stars linked to S&P 500 index
By Tali Rackner
Norfolk, Va., Nov. 2 – HSBC USA Inc. plans to price 0% Strategic Accelerated Redemption Securities due December 2016 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium if the index closes at or above its initial level on any quarterly review date. The premium will be between 3.5% and 5.5% if called on the first review date, 5.25% to 8.25% if called on the second date and 7% to 11% if called on the final date.
The payout at maturity will be par unless the index falls, in which case investors will be exposed to any losses.
Merrill Lynch & Co. is the agent.
The notes will price in November and settle in December.
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