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HSBC Bank to price callable leveraged steepener CDs linked to CMS rates
By Susanna Moon
Chicago, Nov. 25 - HSBC Bank USA, NA plans to price callable leveraged steepener certificates of deposit due Dec. 12, 2023, according to a term sheet.
Interest will accrue at 8% per year for the first year. After that, interest will be seven times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, with a floor of 0% and a cap of 10% per year. Interest will be reset and payable quarterly.
The CDs will be callable at par on any interest payment date beginning Dec. 12, 2009.
The CDs will price on Dec. 9 and settle on Dec. 12.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is the distributor.
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