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HSBC to price step performance securities linked to S&P 500 via UBS
By Angela McDaniels
Tacoma, Wash., Nov. 2 - HSBC USA Inc. plans to price 0% step performance securities due Nov. 30, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
UBS Financial Services Inc. is the agent.
If the index return is positive, the payout at maturity will be par of $10 plus the greater of the step return and the index return. The step return is expected to be 16% to 19% and will be set at pricing.
If the index return is negative, investors will be fully exposed to the loss.
The notes are expected to price Nov. 24 and settle Nov. 30.
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