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HSBC plans 8%-12% autocallable yield notes on S&P 500, Russell 2000
By Susanna Moon
Chicago, Jan. 3 - HSBC USA Inc. plans to price autocallable yield notes due Jan. 27, 2012 based on the performance of the S&P 500 index and Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% to 12%, payable quarterly, with the exact rate to be set at pricing.
The notes will be called at par plus accrued interest if the indexes close above their initial levels on any quarterly observation date.
A trigger event will occur if either index falls below the trigger level - 80% of the initial level - on any trading day.
If a trigger event does not occur or, if a trigger event occurs but the index gains, the payout at maturity will be par.
If a trigger event occurs and the return of the least-performing index is negative, investors will share in those losses.
The notes (Cusip 4042K1CD3) will price on Jan. 24 and settle on Jan. 27.
HSBC Securities (USA) Inc. is the agent.
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