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HSBC to price six-year CDs linked to Dow Jones Industrial Average
By Angela McDaniels
Tacoma, Wash., Jan. 5 - HSBC Bank USA, NA plans to price 0% certificates of deposit due Jan. 26, 2017 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return of 1% to 3% that will be set at pricing.
The final index level 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 and Jan. 29, 2016. 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: 40431GKU2) will price Jan. 21 and settle Jan. 26.
HSBC Securities (USA) Inc. is the agent.
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