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HSBC to price Stars linked to S&P 500 index via Merrill Lynch
By Jennifer Chiou
New York, Nov. 23 - HSBC USA Inc. plans to price 0% Strategic Accelerated Redemption Securities due January 2013 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 11% to 15% per year if the index closes at or above its initial level on any of the call dates, which will fall six, nine and 12 months after issuance. The exact call premium will be set at pricing.
If the notes are not called, the payout at maturity will be par for losses up to 5%. Investors will share in losses if the index closes below 95% of the initial leve.
The notes will price and settle in January.
Bank of America Merrill Lynch is the agent.
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