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HSBC to price Income Plus CDs tied to stocks with 5% potential coupon
By Marisa Wong
Morgantown, W.Va., April 23 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due April 28, 2025 linked to the common stocks of Bristol-Myers Squibb Co., General Motors Co., Intel Corp., International Business Machines Corp. and Verizon Communications Inc., according to a term sheet.
Interest will be payable annually. The interest rate will be 1.65% plus (a) the performance-based annual coupon, 3.35%, if each basket stock closes at or above its initial share price on the valuation date for that year or (b) 0% otherwise.
The payout at maturity will be par plus the last coupon payment.
HSBC Securities (USA) Inc. is the agent. Incapital LLC is distributor.
The CDs will price April 24.
The Cusip number is 40434YWX1.
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