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HSBC to price up and out buffer notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 7 - HSBC USA Inc. plans to price 0% up and out buffer notes due Nov. 1, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes above the barrier level - 160% of the initial level - on any day during the life of the notes, the payout at maturity will be par plus the knock-out rebate, which is expected to be 10% to 14% and will be set at pricing.
If the index does not close above the barrier level, the payout will be:
• Par plus any index gain;
• Par if the index declines by 15% or less;
• Par minus 1% for every 1% that the index declines beyond 15%.
The notes are expected to price April 27 and settle April 30.
HSBC Securities (USA) Inc. is the agent.
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