Published on 12/12/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $10.78 million buffered return enhanced notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, Dec. 12 - HSBC USA Inc. priced $10.78 million of 0% buffered return enhanced notes due Dec. 31, 2009 linked to the S&P 500 index via agent J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par plus double any index gain, up to a maximum return of 31.8%.
Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.
Issuer: | HSBC USA Inc.
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Issue: | Buffered return enhanced notes
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Underlying index: | S&P 500
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Amount: | $10,778,000
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Maturity: | Dec. 31, 2009
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus double any index gain, capped at 31.8%; par if index falls by 10% or less; 1.1111% loss for every 1% decline beyond 10%
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Initial index level: | 873.59
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Pricing date: | Dec. 11
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Settlement date: | Dec. 16
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 1%
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