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HSBC plans one-year 7% STEP Income Securities tied to four stocks
By Marisa Wong
Morgantown, W.Va., Feb. 12 – HSBC USA Inc. plans to price 7% STEP Income Securities due March 2017 linked to a basket of four common stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket consists of the common stocks of 3M Co., AT&T Inc., Pfizer Inc. and Qualcomm Inc.
Interest will be payable quarterly.
If the final basket level is greater than or equal to the step level, 107% of the initial level, 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 basket level is greater than or equal to the initial level but less than the step level, investors will receive par.
Investors will be fully exposed to any basket decline.
BofA Merrill Lynch & is the agent.
The notes will price in February and settle in March.
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