Published on 4/29/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC USA prices $5.88 million performance securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 29 - HSBC USA Inc. priced $5.88 million of 0% performance securities with contingent protection due April 30, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index return is positive, the payout at maturity will be par of $10 plus 115% of the final index return.
If the final index return is negative, the payout will be par if the index remained at or above the trigger level - 50% of the initial level - throughout the life of the notes. If not, the payout will be par plus the final index return.
UBS Financial Services Inc. is the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Performance securities with contingent protection
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Underlying index: | S&P 500
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Amount: | $5,877,320
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Maturity: | April 30, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index return is positive, par plus 115% of final index return; if final index return is negative and index remained at or above trigger level throughout life of notes, par; if final index return is negative and index fell below trigger level during life of notes, par plus final index return
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Initial index level: | 1,397.84
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Trigger level: | 698.92, 50% of initial level
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | UBS Financial Services Inc.
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Fees: | 3.5%
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