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HSBC plans to price four-year knock-out barrier CDs linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Sept. 2 - HSBC Bank USA, NA plans to price 0% knock-out barrier certificates of deposit due Sept. 25, 2014 linked to the S&P 500 index, according to a term sheet.
If the index remains at or below the knock-out barrier throughout the life of the CDs, the payout at maturity will be par plus the index return, subject to a floor of par. The knock-out barrier is expected to be 135% to 145% of the initial level and will be set at pricing.
If the index closes above the barrier during the life of the CDs, the payout at maturity will be par plus 6%.
The CDs will be putable on Sept. 30, 2011, Sept. 28, 2012 and Sept. 30, 2013. Investors will receive the current market value of the CDs.
The CDs (Cusip: 40431GEY1) will price Sept. 22 and settle Sept. 27.
HSBC Securities (USA) Inc. is the agent.
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