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HSBC revises cap range on equity buffer notes linked to Financial Select SPDR
By Susanna Moon
Chicago, Nov. 18 - HSBC USA Inc. amended the cap range on its planned 0% equity buffer notes due Jan. 28, 2010 linked to shares of the Financial Select Sector SPDR exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par plus triple any gain in the share price, capped at 30% to 38%. The cap was revised from 27% to 35%, and the exact percentage will be set at pricing.
If the share price falls by up to 20%, payout will be par. Investors will lose 1% for each 1% decline beyond 20%.
The notes are expected to price on Nov. 24 and settle on Nov. 28.
HSBC Securities (USA) Inc. will be the agent.
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