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HSBC Bank plans 28-month absolute return CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Oct. 2 - HSBC Bank USA, NA plans to price 0% absolute return certificates of deposit due March 1, 2012 linked to the S&P 500 index, according to a term sheet.
If the index never closes above the upper barrier or below the lower barrier, the payout at maturity will be par plus the absolute value of the index return. Otherwise, the payout will be par.
The upper barrier will be 125% to 130% of the initial index level, and the lower barrier will be 85% of the initial level. The exact upper barrier will be set at pricing.
The CDs will be putable at the then-current market value on Oct. 29, 2010 and Oct. 31, 2011.
The CDs are expected to price Oct. 26 and settle Oct. 29.
HSBC Securities (USA) Inc. is the agent. Advisors Asset Management, Inc. is the distributor.
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