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HSBC plans four-year barrier multi-coupon CDs linked to Russell 2000
By Susanna Moon
Chicago, July 1 - HSBC Bank USA, NA plans to price barrier multi-coupon opportunity certificates of deposit due July 28, 2014 based on the performance of the Russell 2000 index, according to a term sheet.
If the index stays at or below its barrier, the coupon payment for that year will be par plus the index return. The barrier will be 115% to 120% for the first year, 125% for the second year, 135% for the third year and 140% for the fourth year. Interest will be payable annually and cannot be less than zero.
The payout at maturity will be par.
The CDs will be putable on Aug. 30, 2011, Aug. 30, 2012 and Aug. 30, 2013.
The CDs (Cusip: 40431GBR9) will price on July 22 and settle on July 27.
HSBC Securities (USA) Inc. is the agent.
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