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HSBC Bank to price callable leveraged steepener CDs linked to CMS rates
By Angela McDaniels
Tacoma, Wash., Sept. 2 - HSBC Bank USA, NA plans to price callable leveraged steepener certificates of deposit due Sept. 12, 2023, according to a term sheet.
Interest will accrue at 10% per year for the first year. After that, interest will equal 10 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, subject to a floor of 0% and a cap of 15% per year. Interest will be payable quarterly.
Beginning Sept. 12, 2009, the CDs will be callable at par on any interest payment date.
The CDs will price on Sept. 9 and settle on Sept. 12.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is the distributor.
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