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HSBC USA to price semiannual review notes linked to S&P 500 via JPMorgan
By Angela McDaniels
Tacoma, Wash., Jan. 20 - HSBC USA Inc. plans to price 0% semiannual review notes due Jan. 27, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
If the index closes at or above its call level on a semiannual valuation date, then the notes will be automatically called and investors will receive par plus an annualized return of 21%. The valuation dates are July 22, 2009, Jan. 29, 2010, July 22, 2010 and Jan. 24, 2011. The call level is 90% of the initial index level on the first valuation date and 100% of the initial level on the remaining valuation dates.
If the notes are not called, then the payout at maturity will be par unless the index declines by more than 10%. In that case, investors will lose 1.1111% for every 1% decline beyond 10%.
The notes will price on Jan. 22 and settle on Jan. 27.
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