Published on 3/6/2009 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $3.6 million buffered dual directional notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, March 6 - HSBC USA Inc. priced $3.6 million of 0% buffered dual directional return enhanced notes due March 24, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
The payout at maturity will be par plus double any index gain, up to a maximum return of 25.6%.
Investors will receive par plus the absolute value of the return if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.
Issuer: | HSBC USA Inc.
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Issue: | Buffered dual directional return enhanced notes
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Underlying index: | S&P 500 index
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Amount: | $3,601,000
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Maturity: | March 24, 2010
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus double any index gain, up to maximum return of 25.6%; if index falls by up to 10%, par plus absolute value of return; 1.1111% loss for every 1% decline beyond 10%
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Initial index level: | 682.55
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Pricing date: | March 5
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Settlement date: | March 10
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 1%
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