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HSBC USA to price 0% performance securities linked to index basket
By Angela McDaniels
Seattle, July 20 - HSBC USA Inc. plans to price 0% performance securities with partial protection due Aug. 31, 2010 linked to a basket of indexes, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the S&P 500 index with a 33.34% weight, the Dow Jones Euro Stoxx 50 index with a 33.33% weight and the Nikkei 225 index with a 33.33% weight.
The payout at maturity will be par of $10.00 plus any basket gain multiplied by the participation rate, which is expected to be 112% to 122% and will be determined at pricing. Investors will receive par if the basket falls by 20% or less and will lose 1% for each 1% decline beyond 20%.
The notes are expected to price Aug. 28 and settle Aug. 31.
UBS Financial Services Inc. will be the underwriter.
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