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HSBC plans 0% securities linked to S&P 500 via UBS
By Laura Lutz
Des Moines, April 30 - HSBC USA Inc. plans to price 0% return optimization securities with partial protection due Nov. 30, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
If the final index level is at least the initial level, the payout at maturity will be par plus 200% of any gain on the index, capped at a maximum payout that will be between 115% and 118% of par.
The exact cap will be set at pricing.
If the index declines by up to 10%, the payout will be par. Investors will lose 1% for each 1% that the index declines beyond 10%.
The notes are expected to price on May 27 and settle on May 30.
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