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HSBC to sell annual review notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, Jan. 13 - HSBC USA Inc. plans to price 0% annual review notes due Jan. 31, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. will be the agent.
The notes will be called automatically if the index closes at or above the call level on any of three annual review dates. The call level will be equal to 90% of the initial index level on the first review date and equal to the initial index level on the second and third review dates.
The redemption amount will be par plus 15.9% if the notes are called on Jan. 29, 2010, par plus 31.8% if called on Jan. 28, 2011 and par plus 47.7% if called on Jan. 26, 2012.
Payout at maturity will be par unless the index falls by more than 10%, in which case investors will lose 1.1111% for every 1% decline beyond 10%.
The notes will price on Jan. 15 and settle on Jan. 21.
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