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HSBC plans return optimization securities tied to ETF basket via UBS
By Jennifer Chiou
New York, Oct. 29 - HSBC USA Inc. plans to price 0% return optimization securities with contingent protection due Nov. 30, 2012 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the iShares MSCI EAFE index fund with a 70% weight and the iShares MSCI Emerging Markets index fund with a 30% weight.
If the basket return is positive, the payout at maturity will be par of $10 plus 1.5 times the basket return, subject to a maximum return of 48.5% to 54.5%. The cap will be set at pricing.
If the basket return is between 0% and negative 60%, the payout will be par.
If the basket return is less than negative 60%, the payout will be par plus the basket return.
The notes will price on Nov. 24 and settle on Nov. 30.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
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