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HSBC to sell 8%-10% yield optimization notes linked to iShares FTSE/Xinhua China fund via UBS
By E. Janene Geiss
Philadelphia, July 22 - HSBC USA Inc. plans to price 8.8% to 10.8% yield optimization notes with contingent protection due July 29, 2011 linked to the iShares FTSE/Xinhua China 25 index fund, according to an FWP filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
The face amount of each note will be equal to the closing price of the fund's shares on the pricing date.
Interest will be payable monthly. The exact coupon will be set at pricing.
If the fund finishes at or above the trigger price - 75% of the initial price - the payout at maturity will be par.
Otherwise, the payout will be one share of the fund per note.
The notes are expected to price on July 29 and settle on July 31.
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