When you invest in the UK & Europe Semi-Annual Defensive Kick-out Plan Issue 11, you may receive an accumulated return of 3.5% for each six month period that has elapsed since the Investment Start Date (equivalent to 7% per annum) depending on the performance of the FTSE 100 Index and the EURO STOXX 50 Index.

Potential early maturity (kick-out) on an Anniversary Date where both indices are at or above their required kick-out level.

The Plan includes a defensive feature, whereby the required kick-out level reduces by 5% of the Initial Index Level on the third anniversary, and by a further 5% each year thereafter. The defensive feature reduces the the required Final Index Levels to 65% of their Initial Index Levels on the Investment End Date.

Capital is at risk if either Index closes below 60% of its Initial Index Level on the Investment End Date. 

Overview

• Investment Term: Up to seven years
• Potential return of 3.5% for each six month period that elapses during the Investment Term
• Potential kick-out from year two, and every six months thereafter
• Defensive Feature: The kick-out level reduces by 5% of the Initial Index Level on the third anniversary, and by a further 5% each year thereafter. The defensive feature then reduces the required Final Index Levels to 65% of their Initial Index Levels on the Investment End Date.
• Capital is at risk. You could lose some or all of your initial investment 
• Counterparty is HSBC Bank plc, which holds an 'AA-' credit rating from Standard & Poor's 
• Invest from £10,000