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HSBC USA to price performance securities due 2011 linked to S&P 500
By Susanna Moon
Chicago, Nov. 17 - HSBC USA Inc. plans to price 0% performance securities with contingent protection due Nov. 30, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par of $10 plus 109% to 115% of any gain in the index. The exact participation rate will be set at pricing.
If the final index return is negative, the payout will be par unless the index finishes below the trigger level - 75% of the initial index level - in which case the payout will be par plus the final index return.
The notes are expected to price Nov. 24 and settle Nov. 28.
UBS Financial Services Inc. and HSBC USA Inc. will be the underwriters.
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