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HSBC Bank plans 22-month absolute return CDs linked to S&P 500 index
By Jennifer Chiou
New York, Sept. 1 - HSBC Bank USA, NA plans to price 0% absolute return certificates of deposit due July 28, 2011 linked to 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. Otherwise, the payout will be par.
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.
The CDs are expected to price on Sept. 23 and settle on Sept. 28.
HSBC Securities (USA) Inc. is the agent.
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