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HSBC Bank plans to price barrier rebate CDs tied to Russell 2000 index
By Angela McDaniels
Tacoma, Wash., Sept. 1 - HSBC Bank USA, NA plans to price 0% barrier rebate certificates of deposit due Sept. 26, 2013 linked to the Russell 2000 index, according to a term sheet.
If the closing level of the index remains at or below the barrier - 175% of the initial level - throughout the life of the CDs, the payout at maturity will be par plus any positive index return.
If the index breaches the barrier level, the payout will be par plus the rebate return, which is expected to be 5% to 8% and will be set at pricing.
The CDs are expected to price Sept. 22 and settle Sept. 25.
HSBC Securities (USA) Inc. is the agent, and Advisors Asset Management, Inc. is the distributor.
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