Published on 7/9/2009 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $17.5 million return enhanced notes tied to Oil Service Holdrs via JPMorgan
By Jennifer Chiou
New York, July 9 - HSBC USA Inc. priced $17.5 million of 0% return enhanced notes due Jan. 27, 2010 linked to the depositary receipts of the Oil Service Holdrs Trust, according to a 424B2 filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
The payout at maturity will be par plus triple any increase in the depositary receipt price, subject to a maximum return of 30.15%. Investors will be fully exposed to any decline in the depositary receipt price.
Issuer: | HSBC USA Inc.
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Issue: | Return enhanced notes
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Underlying security: | Oil Service Holdrs Trust depositary receipts
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Amount: | $17.5 million
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Maturity: | Jan. 27, 2010
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus triple any increase in the depositary receipt price, up to maximum return of 30.15%; full exposure to any price decline
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Initial price: | $90.21
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Final price: | Average of closing prices on five trading days ending Jan. 22, 2010
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Pricing date: | July 8
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Settlement date: | July 13
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 0.5%
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