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HSBC plans knock-out buffer notes linked to two iShares MSCI funds
By Angela McDaniels
Tacoma, Wash., June 3 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Dec. 9, 2010 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
The basket includes the iShares MSCI Brazil index fund with a 69.5% weight and the iShares MSCI Mexico index fund with a 30.5% weight.
A knock-out event will occur if the basket's closing level has declined by more than 30% from the initial level on any day during the life of the notes.
If a knock-out event has occurred, the payout at maturity will be par plus the basket return. Otherwise, the payout will be par plus the greater of the basket return and 15%.
The notes are expected to price June 5 and settle June 10.
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