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HSBC USA plans equity buffer notes linked to Financial Select Sector SPDR
By Laura Lutz
Des Moines, Jan. 29 - HSBC USA Inc. plans to price an issue of 0% equity buffer notes due Nov. 17, 2010 linked to shares of the Financial Select Sector SPDR exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the final share price is at least the initial price, the payout at maturity will be par plus 100% to 120% of any increase in the share price. The exact participation rate will be set at pricing.
If the share price declines by up to 10%, the payout will be par. Investors will lose 1% for each 1% that the shares decline past 10%.
The notes are expected to price on Feb. 12 and settle on Feb. 15.
HSBC Securities (USA) Inc. will be the agent.
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