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HSBC to sell five-year best of performance notes linked to S&P 500
By Susanna Moon
Chicago, Nov. 2 - HSBC Bank USA, NA plans to price 0% best of performance notes due Nov. 18, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A trigger event will occur if the index falls below the barrier level - 60% of the initial level - during the life of the notes.
If a trigger event has occurred, the payout at maturity will be par plus any index gain. Investors will receive par for losses up to 10% and will share in losses beyond 10%.
If a trigger event does not occur, the payout will be par plus the greater of the 20.25% contingent minimum return and the index return.
The notes are expected to price on Nov. 13 and settle on Nov. 18.
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