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HSBC plans 9%-11% autocallable yield notes tied to China, Brazil funds
By Toni Weeks
San Diego, June 1 - HSBC USA Inc. plans to price autocallable yield notes due June 21, 2012 linked to the iShares FTSE/Xinhua China 25 index fund and the iShares MSCI Brazil index fund, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be between 9% and 11%; interest is payable quarterly. The exact coupon will be set at pricing.
The notes will be called automatically at par plus accrued interest if the funds close above their initial levels on any quarterly observation date.
A trigger event will occur if either fund falls below its trigger level, 75% of the initial level, on any trading day.
If a trigger event does not occur, investors will receive par at maturity.
If a trigger event occurs and the return of the least-performing fund is positive, investors will receive par. If a trigger event occurs and the return of the least-performing fund is negative, investors will share in those losses.
The notes (Cusip: 4042K1JS3) will price June 23 and settle June 28.
HSBC Securities (USA) Inc. will be the agent.
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