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HSBC USA to price buffered return enhanced notes linked to S&P 500
By Jennifer Chiou
New York, May 26 - HSBC USA, Inc. plans to price 0% buffered return enhanced notes due June 16, 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, subject to a maximum return of 19.7%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for each 1% that the index declines beyond 10%.
The final index level will be the average of the index's closing levels on the five consecutive trading days ending June 11, 2010.
The notes will price on May 29 and settle on June 3.
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