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HSBC to price index-linked ratchet-up CDs via JVB
By Jennifer Chiou
New York, Oct. 11 - HSBC Bank USA NA plans to price an issue of six-year global equity index-linked ratchet-up semi-annual averaging certificates of deposit via JVB Financial Group, LLC, according to a term sheet.
The maturity is set for Oct. 31, 2012.
The underlying indexes include equal weights of Dow Jones Euro Stoxx 50, Nikkei 225, Hong Kong Hang Seng, Morgan Stanley Capital International Singapore Cash and iShares MSCI Emerging Markets Index Fund.
The CDs will price on Oct. 25 and settle on Oct. 31.
At maturity, investors will receive par plus the average of the five ratcheted average index returns.
The ratcheted index returns will be based on the value of the indexes on 12 observation dates. On each observation date, the ratchet value will be set as the greater of the current value of the index or its value at the previous observation date.
Investors will receive at least par.
HSBC will be the agent.
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