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HSBC to sell 8%-11% callable yield notes on two international funds
By Susanna Moon
Chicago, Jan. 29 - HSBC USA Inc. plans to price 8% to 11% callable yield notes due Feb. 28, 2011 based on the performance of the iShares MSCI EAFE index fund and iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any interest payment date.
If the notes are not called, the payout at maturity will be par unless either underlying fund falls to or below its knock-in level - 70% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing fund, up to a maximum payout of par.
The notes will price on Feb. 19 and settle on Feb. 26.
HSBC Securities (USA) Inc. is the underwriter.
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