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HSBC to sell annual income opportunity CDs on U.S. industry titans
By Susanna Moon
Chicago, March 2 - HSBC Bank USA, NA plans to price annual income opportunity certificates of deposit due March 31, 2015 based on the performance of a basket of stocks, according to a term sheet.
The underlying companies are Amazon.Com, Inc., Applied Materials Inc., Archer-Daniels-Midland Co., Bank of America Corp., Berkshire Hathaway Inc. (class B shares), Exelon Corp., First Solar, Inc., Gilead Sciences, Inc., Newmont Mining Corp., Pfizer Inc., Verizon Communications Inc. and Waste Management, Inc.
Interest is payable annually and will equal the average of the returns on the basket stocks, with a floor of zero. Each stock's return will be capped at 8% to 12%, with the exact cap to be set at pricing, and will have a floor of negative 50%.
The CDs will be putable on March 31, 2011, March 30, 2012, March 28, 2013 and March 31, 2014.
The payout at maturity will be par.
The CDs will price on March 26 and settle on March 31.
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