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HSBC to sell 18-month accelerated market participation notes linked to S&P 500
By Susanna Moon
Chicago, Oct. 30 - HSBC USA Inc. plans to price 0% accelerated market participation securities with partial protection due May 25, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any index gain, up to a maximum return of 14% to 18%. The exact cap will be set at pricing.
Investors will receive par if the index falls by up to 10% and will lose 1% for each 1% drop beyond 10%.
The notes will price on Nov. 20 and settle on Nov. 25.
HSBC Securities (USA) Inc. is the agent.
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