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HSBC Bank plans to price six-year CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., June 10 - HSBC Bank USA, NA plans to price 0% index-linked certificates of deposit due June 26, 2015 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a floor of par.
The final index level used to calculate the index return will equal the average of the index's closing levels on March 23, June 23, Sept. 23 and Dec. 23 of each year during the life of the CDs.
The CDs will be putable on June 24 of each year. The redemption amount will equal the 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 early redemption charge in year four or five.
The CDs are expected to price June 23 and settle June 26.
HSBC Securities (USA) Inc. is the agent.
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