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HSBC to price bearish autocallable optimization securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 5 - HSBC USA Inc. plans to price 0% bearish autocallable optimization securities with contingent protection due Sept. 30, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called if the index closes at or below its initial level on any of six quarterly observation dates. The redemption amount will be par of $10 plus an annualized call return of 18% to 22%. The exact return will be set at pricing.
If the notes are not called and the final index level is less than or equal to the trigger level - 120% of the initial level - the payout at maturity will be par. If the final index level is greater than the trigger level, investors will receive par minus 1% for every 1% index gain.
The notes are expected to price March 26 and settle March 31.
UBS Financial Services Inc. and HSBC USA Inc. are the agents.
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