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HSBC USA to price absolute return barrier notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 20 - HSBC USA Inc. plans to price zero-coupon 100% principal protection absolute return barrier notes due Oct. 29, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index never closes above the upper barrier or below the lower barrier during the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, the payout will be par.
The upper barrier will be 122.5% of the initial index level, and the lower barrier will be 77.5% of the initial level.
The notes are expected to price Oct. 27 and settle Oct. 31.
UBS Financial Services Inc. will be the underwriter.
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