Published on 7/9/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC USA prices $5 million bearish return optimization securities linked to Russell 2000
By Jennifer Chiou
New York, July 9 - HSBC USA Inc. priced $5 million of 0% bearish return optimization securities due July 10, 2009 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 5% for each 1% decline in the index, subject to a maximum return of 30.85%. Investors will lose 1% for each 1% that the index increases.
UBS Financial Services and HSBC USA Inc. are the underwriters.
Issuer: | HSBC USA Inc.
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Issue: | Bearish return optimization securities
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Underlying index: | Russell 2000
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Amount: | $5 million
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Maturity: | July 10, 2009
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus five times the absolute value of any index decline, capped at maximum return of 30.85%; 1% loss for each 1% index gain
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Initial index level: | 665.78
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Pricing date: | July 3
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Settlement date: | July 9
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Underwriters: | UBS Financial Services and HSBC USA Inc.
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Fees: | 1.25%
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