By E. Janene Geiss
Philadelphia, May 27 - HSBC USA Inc. plans to price 0% best of performance notes due May 28, 2014 linked to the S&P 500 index, according to a 424B filing with the Securities and Exchange Commission.
A trigger event will occur if the index falls below the barrier level, 50% of the initial level.
If a trigger event has occurred, the payout will be par plus any index gain. Investors will receive par for losses up to 10% and will share in losses beyond 10%.
If a trigger event does not occur, the payout will be the greater of the 25% contingent minimum return or the index return.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Five-year best of performance notes
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Underlying index: | S&P 500
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Amount: | $1,525,000
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Maturity: | May 28, 2014
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If a trigger event occurs, payout will be par plus any index gain; par for losses up to 10% and full exposure to losses beyond 10%; if no trigger event occurs, payout will be greater of 25% or minimum return or index return
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Initial level: | 887.00
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Trigger level: | 443.50, 50% of initial price
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Pricing date: | May 22
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Settlement date: | May 28
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Underwriters: | HSBC Securities (USA) Inc.
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Fees: | 3%
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