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HSBC plans 8% one-year STEP Income notes tied to Petrobras via Merrill
By Susanna Moon
Chicago, July 17 - HSBC USA Inc. plans to price 8% STEP Income Securities due August 2014 linked to American Depositary Receipts of Petroleo Brasileiro SA, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Petrobras shares finish at or above the step level - 108% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% with the exact rate to be set at pricing.
If the shares finish at or above the 95% threshold level but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses beyond 5%.
Bank of America Merrill Lynch is the agent.
The notes will price in July and settle in August.
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