Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $11.43 million buffered PLUS on S&P 500 via Morgan Stanley
By Susanna Moon
Chicago, Nov. 29 - HSBC USA Inc. priced $11.43 million of 0% buffered Performance Leveraged Upside Securities due Nov. 28, 2012 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the agent.
The payout at maturity will be par of $10.00 plus double any gain in the index, up to a maximum of $11.90 per note.
Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
Issuer: | HSBC USA Inc.
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Issue: | Buffered Performance Leveraged Upside Securities
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Underlying index: | S&P 500 index
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Amount: | $11,433,550
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Maturity: | Nov. 28, 2012
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any index gain, capped at 19%; 1% loss for each 1% drop beyond 10%
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Initial index level: | 1,180.73
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Pricing date: | Nov. 23
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Settlement date: | Nov. 29
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 2.25%
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Cusip: | 40432R468
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