| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for HSBC Bank USA NA > News item |
HSBC plans to price CDs with minimum return linked to Dow Industrials
By Angela McDaniels
Tacoma, Wash., Aug. 2 - HSBC Bank USA, NA plans to price 0% certificates of deposit with minimum return due Aug. 30, 2017 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus the greater of the index return and the minimum return, which is expected to be 1% to 4% and will be set at pricing.
The final index level will be the average of its closing levels on Feb. 25, May 25, Aug. 25 and Nov. 25 of each year.
The CDs will be putable on Aug. 31, 2011, Aug. 31, 2012, Aug. 30, 2013, Aug. 29, 2014, Aug. 31, 2015 and Aug. 31, 2016. Investors will receive the current market value minus an early redemption charge of 3.5% in year one, 2.5% in year two, 1.5% in year three and 0.5% in year four. There is no charge in year five or year six.
The CDs (Cusip: 40431GCZ0) will price Aug. 25 and settle Aug. 30.
HSBC Securities (USA) Inc. is the agent.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.