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HSBC to issue contingent protection securities linked to S&P 500
By Susanna Moon
Chicago, Aug. 31 - HSBC USA Inc. plans to price contingent protection securities due Sept. 28, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index rises, at maturity, investors will receive par plus the index return times the participation rate of 105% to 115%, with the exact level to be set at pricing.
If the index falls but remains above the trigger level of 50% of the initial index, the payout will be par. If the index dips below the trigger level, the payout will be par times the index return.
The notes are expected to price on Sept. 25 and settle on Sept. 28.
HSBC Securities (USA) Inc. will be the agent.
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