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HSBC plans 11.5% STEP Income Securities on Helmerich & Payne
By Jennifer Chiou
New York, Feb. 12 – HSBC USA Inc. plans to price 11.5% STEP Income Securities due March 2016 linked to the common stock of Helmerich & Payne, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Helmerich & Payne stock is greater than or equal to the step level, 111.5% of the initial share price, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
Investors will be fully exposed to any decline in the share price.
The notes are expected to price in February and settle in March.
BofA Merrill Lynch is the agent.
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