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HSBC plans seven-year global opportunity CDs linked to three indexes
By Angela McDaniels
Tacoma, Wash., Jan. 5 - HSBC Bank USA, NA plans to price 0% global opportunity certificates of deposit due Jan. 25, 2018 linked to a basket of indexes, according to a term sheet.
The equally weighted basket includes the Euro Stoxx 50 index, the Hang Seng index and the S&P 500 index.
The payout at maturity will be par plus the basket return, subject to a minimum return of 3% to 6% that will be set at pricing.
The final level of each index used to determine the basket return will be the average of its closing levels on Jan. 21, April 21, July 21 and Oct. 21 of each year during the life of the CDs.
The CDs will be putable on Jan. 31, 2012, Jan. 31, 2013, Jan. 31, 2014, Jan. 30, 2015, Jan. 29, 2016 and Jan. 31, 2017. Investors will receive the current market value of the CDs minus a 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 after year four.
The CDs (Cusip: 40431GLA5) will price Jan. 20 and settle Jan. 26.
HSBC Securities (USA) Inc. is the agent.
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