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HSBC plans absolute return barrier notes linked to Russell 2000
By Susanna Moon
Chicago, June 30 - HSBC USA Inc. plans to price zero-coupon 100% principal-protected absolute return barrier notes due Jan. 29, 2010 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
If the index never closes outside its range, the payout at maturity will be par plus the absolute value of the final index return. Otherwise, the payout will be par.
The upper and lower index barriers of the range will be between 28.5% and 30.5% above and below the initial level, respectively, with the exact range to be set at pricing.
The notes are expected to price on July 28 and settle on July 31.
UBS Financial Services Inc. and HSBC USA Inc. will be the underwriters.
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