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HSBC plans annual income opportunity CDs due 2018 on industry titans
By Marisa Wong
Madison, Wis., May 4 - HSBC Bank USA, NA plans to price annual income opportunity CDs with auto cap due May 30, 2018 linked to a basket of stocks, according to a pricing sheet.
The basket includes the common stocks of American Electric Power Co., AT&T Inc., Biogen Idec Inc., Kimberly-Clark Corp., Lockheed Martin Corp., Maxim Integrated Products, Mosaic Co., Pfizer Inc., Ralph Lauren Corp. and Silver Wheaton Corp.
Interest is payable annually and will equal the average of the performances of the basket stocks, subject to a floor of 0%.
If a basket stock's return is zero or positive, its performance will equal the auto cap rate, which is expected to be at least 5.25% and will be set at pricing. If a basket stock's return is negative, its performance will be the greater of the stock return and negative 30%.
The payout at maturity will be par.
The securities may be redeemed early, subject to an early withdrawal charge.
The CDs (Cusip: 40431GS34) are expected to price on May 24 and settle on May 30.
HSBC Securities (USA) Inc. will be the agent.
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