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HSBC to price 8.15%-10.65% trigger yield optimization notes on Gerdau
By Toni Weeks
San Diego, Feb. 10 - HSBC USA Inc. plans to price 8.15% to 10.65% annualized trigger yield optimization notes due Aug. 19, 2011 linked to the American Depositary Receipts of Gerdau SA, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact coupon will be set at pricing.
The face amount of each note will be equal to the initial price of Gerdau ADRs.
The payout at maturity will be par unless the final ADR price is less than 80% of the initial price, in which case investors will receive one Gerdau ADR per note.
The notes (Cusip: 40432R211) are expected to price on Feb. 14 and settle on Feb. 17.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the underwriters.
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