HSBC Sells Largest Note Tied to LinkedIn After 121% Rise in 2013
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HSBC Holdings Plc sold $27.5 million of one-year notes tied to LinkedIn Corp., the largest such offering linked to the professional networking business that’s more than doubled its share price this year.
The securities, issued Sept. 26, yield 11 percent a year plus an additional 3.77 percent if the stock is above 111 percent of its initial value, according to a prospectus filed with the U.S. Securities and Exchange Commission. The notes also protect against 5 percent of losses with 95 percent of capital at risk. Bank of America Corp. distributed the offering for a 1.75 percent fee.