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HSBC to sell barrier multi-coupon notes on Market Vectors Gold Miners
By Susanna Moon
Chicago, March 2 - HSBC Bank USA, NA plans to price 0% barrier multi-coupon opportunity certificates of deposit due March 28, 2014 based on the Market Vectors Gold Miners exchange-traded fund, according to a term sheet.
The coupon will be any gain in the index, up to a trigger point. If the index rises above its trigger level during the year preceding the coupon valuation date, the coupon will be 0.5% to 1%, with the exact rate to be set at pricing. Interest will be payable annually.
The trigger level will be 120% of the initial index level until March 25, 2011, 130% from March 28, 2011 to March 26, 2012, 140% from March 27, 2012 to March 25, 2013 and 150% from March 26, 2013 onward.
The payout at maturity will be par.
Holders will have an early redemption option on the following dates: April 29, 2011, April 30, 2012 and April 30, 2013. There is an early redemption charge of 2% in the first year and 1% in the second year.
The notes are expected to price on March 25 and settle on March 30.
HSBC Securities (USA) Inc. is the agent.
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