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HSBC Bank plans uncapped CDs linked to Dow Jones Industrial Average
By Jennifer Chiou
New York, July 30 - HSBC Bank USA, NA plans to price 0% certificates of deposit with quarterly observation and minimum return due Aug. 21, 2015 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return that 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 the last day of each quarter during the life of the CDs.
The CDs will price on Aug. 18 and settle on Aug. 21.
HSBC Securities (USA) Inc. is the agent.
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