HSBC launches government-guaranteed steepener in US

The Callable Leveraged Steepener is 100% capital guaranteed at maturity and, as a CD, is eligible for up to $250,000 Federal Deposit Insurance Corp protection. The product pays quarterly coupons, with the annualised rate fixed at 13% for the first year. Subsequent coupons are capped at 12%, with a leverage of 10 multiplied by 30-year minus five-year CMS.

If that figure is negative, then no coupon is paid but capital is still protected. HSBC can call the notes quarterly, redeeming principal and

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