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HSBC Bank USA plans Far East opportunity CDs linked to index basket
By Jennifer Chiou
New York, Nov. 29 - HSBC Bank USA, NA plans to price Far East opportunity certificates of deposit with minimum return due Dec. 28, 2017 linked to equal weights of the Hang Seng index, MSCI Taiwan index, MSCI Singapore Free index and the Kospi 200 index, according to a term sheet.
The payout at maturity will be par plus the greater of the 1% to 3% minimum return and the basket return. The exact terms will be set at pricing.
The CDs will be putable on Dec. 30, 2011, Dec. 31, 2012, Dec. 31, 2013, Dec. 31, 2014, Dec. 31, 2015 and Dec. 30, 2016. The redemption amount will be the then-current market value of the CDs minus an early redemption charge of 3.5% in year one, 2.5% in year two, 1.5% in year three and 0.5% in year four. There is no charge in years five through seven.
The CDs (Cusip: 40431GJM2) will price on Dec. 21 and settle on Dec. 28.
HSBC Securities (USA) Inc. is the agent.
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