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HSBC Bank plans to price CDs linked to Dow Jones - UBS Commodity index
By Angela McDaniels
Tacoma, Wash., Sept. 1 - HSBC Bank USA, NA plans to price 0% certificates of deposit due Sept. 21, 2015 linked to the Dow Jones - UBS Commodity index, according to a term sheet.
The payout at maturity will be par plus any index gain. Investors will receive at least par.
The final index level used to calculate the index return will be the average of the index's closing levels on March 16, June 16, Sept. 16 and Dec. 16 of each year during the life of the notes.
The CDs will be putable on Sept. 30, 2010, Sept. 30, 2011, Sept. 28, 2012, Sept. 30, 2013 and Sept. 29, 2014. Investors will receive the then-current market value of the CDs minus an early redemption charge of 3% in the first year, 2% in the second year and 1% in the third year. There is no charge in years four, five and six.
The CDs are expected to price Sept. 16 and settle Sept. 21.
HSBC Securities (USA) Inc. is the agent, and Advisors Asset Management, Inc. is the distributor.
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