Published on 8/24/2009 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $5.02 million bearish return optimization securities linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Aug. 24 - HSBC USA Inc. priced $5.02 million of 0% bearish return optimization securities due May 26, 2010 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple the absolute value of any index decline, subject to a maximum return of 19.5%. Investors will receive par minus the index return if the index advances.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
Issuer: | HSBC USA Inc.
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Issue: | Bearish return optimization securities
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Underlying index: | Russell 2000
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Amount: | $5,020,350
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Maturity: | May 26, 2010
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 3% for every 1% index decline, up to maximum return of 19.5%; par minus 1% for every 1% index gain
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Initial index level: | 568.68
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Pricing date: | Aug. 20
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Settlement date: | Aug. 25
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Underwriters: | UBS Financial Services Inc. and HSBC USA Inc.
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Fees: | 0.9%
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