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HSBC plans 10%-12% autocallable yield notes linked to S&P 500, Russell
By Angela McDaniels
Tacoma, Wash., March 2 - HSBC USA Inc. plans to price 10% to 12% autocallable yield notes due April 3, 2013 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly. The exact interest rate will be set at pricing.
The notes will be called automatically at par if both indexes close at or above their initial levels on June 28, 2012, Sept. 28, 2012, Dec. 28, 2012 or March 28, 2013.
A trigger event will occur if either index falls below the trigger level, 70% of the initial level, on any trading day.
If a trigger event does not occur, the payout at maturity will be par.
If a trigger event occurs and the final return of the worst-performing index is positive, the payout will be par.
If a trigger event occurs and the final return of the worst-performing index is negative or zero, investors will be fully exposed to the decline of that index.
The notes (Cusip: 4042K1ZF3) are expected to price March 27 and settle March 30.
HSBC Securities (USA) Inc. is the agent.
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