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HSBC lowers cap for buffered dual directional return enhanced notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 24 - HSBC USA Inc. lowered the maximum return for its upcoming offering of 0% buffered dual directional return enhanced notes due April 14, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The maximum return is now 23.6% instead of 24%.
The payout at maturity will be par plus double any index gain, subject to the maximum return. If the index declines by 10% or less, the payout will be par plus the absolute value of the index return. Investors will lose 1.1111% for every 1% that the index declines beyond 10%.
The notes will price March 26 and settle March 31.
J.P. Morgan Securities Inc. is the agent.
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