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HSBC plans 7% one-year callable yield notes on Russell 2000, S&P 500
By Susanna Moon
Chicago, Oct. 14 - HSBC USA Inc. plans to price 7% callable yield notes due Nov. 1, 2011 linked to the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The payout at maturity will be par unless either index falls by more than 45% to 50% during the life of the notes, in which case investors will receive par plus the return of the worst-performing underlying index, up to a maximum payout of par. The exact trigger will be set at pricing.
The notes will be callable at par on any interest payment date.
The notes (Cusip 4042K07C3) are expected to price on Oct. 27 and settle on Nov. 1.
HSBC Securities (USA) Inc. is the agent.
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