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HSBC plans one-year 7%-9% autocallable yield notes on S&P 500, Russell
By Toni Weeks
San Diego, Aug. 31 - HSBC USA Inc. plans to price 7% to 9% autocallable yield notes due Sept. 18, 2013 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly. The exact coupon will be set at pricing.
The notes will be called automatically 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, 60% of the initial level, on any trading day.
If a trigger event does not occur or if it does occur and the return of the least-performing index is zero or positive, investors will receive par at maturity.
If a trigger event occurs and the return of the least-performing index is negative, investors will share in those losses.
The notes (Cusip: 4042K14M2) are expected to price Sept. 12 and settle Sept. 17.
HSBC Securities (USA) Inc. will be the agent.
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