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HSBC plans to price best-of performance notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Aug. 31 - HSBC USA Inc. plans to price 0% best-of performance notes due Sept. 30, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A trigger event will occur if the index closes below the barrier level, which is expected to be 55% to 60% of the initial level, during the life of the notes.
If a trigger event has occurred, the payout at maturity will be par plus any index gain. Investors will receive par for losses up to 10% and will share in losses beyond 10%.
If a trigger event does not occur, the payout will be par plus the greater of the 20% contingent minimum return and the index return.
The notes are expected to price Sept. 25 and settle Sept. 30.
HSBC Securities (USA) Inc. is the agent.
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