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HSBC plans 10% to 12% callable yield notes on two commodity funds
By Jennifer Chiou
New York, May 5 - HSBC USA Inc. plans to price 10% to 12% callable yield notes due May 27, 2011 linked to the Market Vectors Gold Miners ETF and Energy Select SPDR 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 - 75% 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 May 21 and settle on May 28.
HSBC Securities (USA) Inc. is the underwriter.
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