HSBC plans 9.75%-11.75% yield optimization notes tied to U.S. Steel

By Angela McDaniels

Tacoma, Wash., June 22 - HSBC USA Inc. plans to price 9.75% to 11.75% yield optimization notes with contingent protection due June 29, 2012 linked to the common stock of United States Steel Corp., according to an FWP filing with the Securities and Exchange Commission.

The principal amount of each note will be equal to the closing share price of United States Steel stock on the pricing date.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be one share of United States Steel stock.

The notes are expected to price June 28 and settle June 30.

UBS Financial Services Inc. is the agent.

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