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HSBC to sell 8.5%-10.5% yield optimization notes on JPMorgan via UBS
By E. Janene Geiss
Philadelphia, July 22 - HSBC USA Inc. plans to price 8.5% to 10.5% yield optimization notes due July 29, 2011 linked to the common stock of the JPMorgan Chase & Co., 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 stock's closing price on the pricing date.
Interest will be payable monthly.
If the stock finishes at or above the trigger price - 70% of the initial price - the payout at maturity will be par. Otherwise, the payout will be one share of JPMorgan stock.
The exact coupon and trigger will be set at pricing.
The notes are expected to price on July 29 and settle on July 31.
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