Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for HSBC Bank USA NA > News item |
HSBC Bank to price CDs with minimum return linked to Dow Industrials
By Jennifer Chiou
New York, Oct. 2 - HSBC Bank USA, NA plans to price 0% certificates of deposit with minimum return due Oct. 28, 2015 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus the greater of the index return and the minimum return, which is expected to be 1% to 6% and will be set at pricing.
The final index level used to calculate the index return will be the average of the index's closing levels on Jan. 23, April 23, July 23 and Oct. 23 of each year during the life of the notes.
The CDs will be putable on Oct. 29, 2010, Oct. 31, 2011, Oct. 31, 2012, Oct. 31, 2013 and Oct. 31, 2014. The redemption amount will be the then-current market value of the CDs minus an early redemption charge of 3% in year one, 2% in year two and 1% in year three. There is no charge in years four through six.
The CDs will price on Oct. 23 and settle on Oct. 28.
HSBC Securities (USA) Inc. is the agent. Advisors Asset Management, Inc. is the distributor.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.