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HSBC plans Income Plus CDs linked to stocks with 10.5% potential coupon
By Angela McDaniels
Tacoma, Wash., Oct. 16 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due Oct. 30, 2024 linked to a basket of common stocks, according to a term sheet.
The basket is comprised of the common stocks of Altria Group Inc., Bristol-Myers Squibb Co., Ford Motor Co., HP Inc. and Verizon Communications Inc.
Interest will be payable annually. The interest rate will be 0.25% plus (a) the performance-based annual coupon, 10.25%, if each basket stock closes at or above its initial share price on the valuation date or (b) 0% otherwise.
The payout at maturity will be par plus the last coupon payment.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is distributor.
The CDs will price Oct. 25.
The Cusip number is 40434YQK6.
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