Published on 8/13/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $5.72 million 0% return optimization securities linked to PHLX Housing via UBS
By Susanna Moon
Chicago, Aug. 13 - HSBC USA Inc. priced $5.72 million of 0% return optimization securities with contingent protection due Aug. 18, 2009 linked to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, investors will receive par of $10 plus double any index gain, up to a maximum return of 30.5%.
Investors will receive par if the index falls by up to 50% and will share in any losses beyond 50%.
UBS Financial Services Inc. and HSBC USA Inc. are the agents.
Issuer: | HSBC USA Inc.
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Issue: | Return optimization securities with contingent protection
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Underlying index: | PHLX Housing Sector
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Amount: | $5,719,000
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Maturity: | Aug. 18, 2009
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus double any index gain, capped at 30.5%; par if index falls by up to 50% and share in losses beyond 50%
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Initial index level: | 123.96
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Trigger level: | 61.98, or 50% of initial level
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Pricing date: | Aug. 11
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Settlement date: | Aug. 14
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Agents: | UBS Financial Services Inc., HSBC USA Inc.
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Fees: | 0.75%
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