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HSBC plans annual income opportunity CDs linked to U.S. stock basket
By Angela McDaniels
Tacoma, Wash., Dec. 1 - HSBC Bank USA, NA plans to price annual income opportunity certificates of deposit due Dec. 31, 2012 linked to a basket of stocks, according to a term sheet.
The basket includes Biogen Idec Inc., eBay Inc., Hess Corp., Lowe's Cos., Inc., Nucor Corp., PepsiCo, Inc., U.S. Bancorp, Viacom Inc. (class B shares), Waste Management, Inc. and Yum! Brands, Inc.
Interest is payable annually and will equal the average of the returns on the basket stocks, subject to a floor of zero. Each stock's return will be capped at 5% to 8%, with the exact cap to be set at pricing, and will have a floor of negative 30%.
The payout at maturity will be par.
The CDs will be putable on Nov. 29, 2010 and Nov. 29, 2011 at the then-current market value of the CDs.
The CDs will price Dec. 28 and settle Dec. 31.
HSBC Securities (USA) Inc. is the agent. Advisors Asset Management, Inc. is the distributor.
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