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HSBC plans absolute return barrier notes linked to S&P 500
By Jennifer Chiou
New York, June 5 - HSBC USA Inc. plans to price zero-coupon 100% principal-protected absolute return barrier notes expected to mature June 23, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
As long as the index never closes above or below its initial level by more than a range amount, the payout at maturity will be par plus the absolute value of the final index return.
Otherwise, the payout will be par.
The range amount will be between 12% and 14%. The exact range will be set at pricing.
The notes are expected to price on June 25 and settle on June 30.
HSBC Securities (USA) Inc. is the underwriter.
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