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HSBC cancels Far East Opportunity CDs linked to Asian indexes
By Susanna Moon
Chicago, Jan. 22 - HSBC Bank USA, NA said it canceled for the month of January its 0% Far East Opportunity Point-to-Point certificates of deposit.
HSBC had planned to price CDs due Jan. 29, 2015 linked to a basket of indexes, according to a previous term sheet. The pricing date was Jan. 25 and the settlement date was Jan. 31.
The basket comprised equal weights of the Hang Seng China Enterprises, Morgan Stanley Capital International Singapore Cash, Morgan Stanley Capital International Taiwan and Nikkei 225 indexes.
The payout at maturity would have been par plus any gain on the basket. Investors were to receive at least par.
The CDs were to be putable on the last business day in January of each year beginning Jan. 30, 2009. Investors would have received the market value of their CDs minus any redemption fees.
HSBC Securities (USA) Inc. was to be the agent.
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