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HSBC to price return optimization securities linked to ETFs via UBS
By Angela McDaniels
Tacoma, Wash., Nov. 30 - HSBC USA Inc. plans to price 0% return optimization securities with contingent protection due Dec. 31, 2012 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
The basket consists of Standard & Poor's Depositary Receipts with a 40% weight, the iShares MSCI EAFE index fund with a 40% weight and the iShares MSCI Emerging Markets index fund with a 20% weight.
If the basket return is positive, the payout at maturity will be par of $10 plus 1.5 times the gain, subject to a maximum return of 40% to 46%. The exact cap will be set at pricing.
If the basket return is between zero and negative 40%, the payout will be par.
If the basket return is less than negative 40%, the payout will be par plus the basket return.
The notes are expected to price Dec. 28 and settle Dec. 31.
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