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HSBC plans buffered dual directional return enhanced notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, March 2 - HSBC USA Inc. plans to price 0% buffered dual directional return enhanced notes due March 24, 2010 linked to the S&P 500 index via agent J.P. Morgan Securities Inc., 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 25.6%.
If the index falls by up to 10%, the payout will be par plus the absolute value of the index return. Investors will lose 1.1111% for every 1% decline beyond 10%.
The notes will price March 5 and settle March 10.
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