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HSBC plans Income Plus CDs tied to stocks with 8.25% potential coupon
By Marisa Wong
Morgantown, W.Va., June 12 – HSBC Bank USA, NA plans to price Income Plus certificates of deposit due June 28, 2023 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 0.85% plus (a) the performance-based annual coupon, 7.4%, 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 June 25.
The Cusip number is 40434YZT7.
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