Published on 12/24/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC USA prices $1.53 million digital equity buffer notes linked to S&P 500
By E. Janene Geiss
Philadelphia, Dec. 24 - HSBC USA Inc. priced a $1.53 million issue of digital equity buffer plus notes due June 29, 2010 linked to the S&P 500 index, according to a 424B filing with the Securities and Exchange Commission.
If the index increases, the payout at maturity will be par plus a contingent coupon of 17%. Investors will receive par if the index declines by 20% or less and lose 1% for every 1% the index declines beyond 20%.
HSBC Securities (USA) Inc. will be the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Digital equity buffer notes
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Underlying index: | S&P 500
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Amount: | $1,528,000
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Maturity: | June 29, 2010
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 17% if the index increases; par if the index declines by 20% or less and full exposure to any decline beyond 20%
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Initial index level: | 863.15
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Pricing date: | Dec. 23
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Settlement date: | Dec. 29
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.5%
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