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HSBC plans Income Plus CDs tied to stocks with 5% potential coupon
By Angela McDaniels
Tacoma, Wash., Dec. 11 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due Dec. 27, 2024 linked to the common stocks of Altria Group Inc., Bristol-Myers Squibb Co., Ford Motor Co., HP Inc. and Verizon Communications Inc., according to a term sheet.
Interest will be payable annually. The interest rate will be 1.25% plus (a) the performance-based annual coupon, 3.75%, if each basket stock closes at or above its initial share price on the valuation date for that year 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 Dec. 21.
The Cusip number is 40434YSH1.
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