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HSBC Bank plans 28-month absolute return CDs linked to S&P 500 index
By Susanna Moon
Chicago, Dec. 1 - HSBC Bank USA, NA plans to price 0% absolute return certificates of deposit due April 26, 2012 based on 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.
The upper barrier will be 122% to 127% 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.
Otherwise, the payout will be par.
The CDs are expected to price on Dec. 23 and settle on Dec. 29.
HSBC Securities (USA) Inc. is the agent.
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