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HSBC plans to price Far East opportunity CDs linked to four indexes
By Angela McDaniels
Tacoma, Wash., Feb. 2 - HSBC Bank USA, NA plans to price 0% Far East opportunity certificates of deposit due Feb. 23, 2018 linked to a basket of indexes, according to a term sheet.
The basket includes equal weights of the Hang Seng index, the TWSE index, the MSCI Singapore Free index and the Kospi 200 index.
The payout at maturity will be par plus the greater of the basket return and the minimum return, which is expected to be 8% to 10% and will be set at pricing.
The basket return will be the average of the basket's returns on Feb. 18, May 18, Aug. 18 and Nov. 18 of each year during the life of the CDs.
The CDs will be putable on Feb. 29, 2012, Feb. 28, 2013, Feb. 28, 2014, Feb. 27, 2015, Feb. 29, 2016 and Feb. 28, 2017. Investors will receive the current market value of the CDs minus a redemption charge of 3.5% in year one, 2.5% in year two, 1.5% in year three and 0.5% in year four.
The CDs (Cusip: 40431GLX5) will price Feb. 17 and settle Feb. 24.
HSBC Securities (USA) Inc. is the agent.
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