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HSBC plans seven-year Income Plus CDs on stocks with 1% coupon floor
By Susanna Moon
Chicago, May 9 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due May 30, 2023 linked to a basket of five common stocks, according to a term sheet.
The underlying companies are Bristol-Myers Squibb Co., Ford Motor Co., McDonald’s Corp., Philip Morris International Inc. and Wal-Mart Stores, Inc.
If each underlying stock closes at or above its initial level on a coupon valuation date, the coupon will be the minimum rate of 1% plus a performance-based coupon of 2.5% for a maximum rate of 3.5%. Otherwise, the notes will pay the minimum coupon of 1%. Interest will be payable annually.
The payout at maturity will be par.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is distributor.
The CDs will price on May 24.
The Cusip number is 40434AU98.
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