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HSBC plans 8.5% STEP Income Securities linked to Micron Technology
By Susanna Moon
Chicago, Jan. 13 – HSBC USA Inc. plans to price 8.5% STEP Income Securities due February 2016 linked to Micron Technology Inc. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Micron Technology stock finishes at or above the 108.5% step level, the payout at maturity will be par of $10 plus the step payment of 1% to 5%. The exact step percentage will be set at pricing.
If the stock finishes below the step level but at or above the 95% trigger level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in January and settle in February.
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