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HSBC plans best-of performance notes linked to iShares MSCI EAFE
By Angela McDaniels
Tacoma, Wash., Oct. 6 - HSBC USA Inc. plans to price 0% best-of performance notes due Nov. 1, 2012 linked to the iShares MSCI EAFE index fund, according to an FWP filing with the Securities and Exchange Commission.
If the exchange-traded fund's share price falls below the barrier level - 75% of the initial price - during the life of the notes, the payout at maturity will be par plus the fund return, which could be positive or negative.
Otherwise, the payout will be par plus the greater of the fund return and the contingent minimum return, which is expected to be 10% to 15% and will be set at pricing.
The notes (Cusip 4042K06Y6) are expected to price Oct. 29 and settle Nov. 3.
HSBC Securities (USA) Inc. is the agent.
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