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HSBC plans 10% one-year callable yield notes tied to index, two funds
By Jennifer Chiou
New York, Nov. 16 - HSBC USA Inc. plans to price 10% callable yield notes due Dec. 5, 2011 linked to the Russell 2000 index, iShares FTSE/Xinhua China 25 index fund and iShares MSCI Brazil index fund, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The payout at maturity will be par unless any of the underlying components falls by more than 45% to 50% during the life of the notes, in which case investors will receive par plus the return of the worst-performing underlying component, up to a maximum payout of par. The exact trigger will be set at pricing.
The notes will be callable at par on any interest payment date.
The notes (Cusip: 4042K1AM5) are expected to price on Nov. 30 and settle on Dec. 3.
HSBC Securities (USA) Inc. is the agent.
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