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HSBC plans four-year knock-out barrier CDs linked to S&P 500 index
By Jennifer Chiou
New York, Nov. 29 - HSBC Bank USA, NA plans to price 0% knock-out barrier certificates of deposit due Dec. 26, 2014 linked to the S&P 500 index, according to a term sheet.
If the index remains below the knock-out barrier of 135% to 140% of the initial level during the life of the CDs, investors will receive par plus the index return. If the index closes at or beyond the barrier, the payout will be par plus the 2% knock-out return. The exact terms will be set at pricing.
The CDs will be putable on Dec. 30, 2011, Dec. 31, 2012 and Dec. 31, 2013.
The CDs (Cusip: 40431GJG5) will price on Dec. 21 and settle on Dec. 27.
HSBC Securities (USA) Inc. is the agent.
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