By Jennifer Chiou
New York, Feb. 1 - HSBC USA Inc. priced $8.1 million of 0% knock-out buffer notes due Aug. 4, 2011 linked to the iShares MSCI Brazil index fund, according to a 424B2 filing with the Securities and Exchange Commission.
The agent is J.P. Morgan Securities Inc.
If the exchange-traded fund's closing share price is less than 70% of the initial share price on any day during the life of the notes, the payout at maturity will be par plus the fund return. Otherwise, the payout will be par plus the greater of the fund return and 23.4%.
In either case, there is a maximum cap of 40%.
| Issuer: | HSBC USA Inc.
|
| Issue: | Knock-out buffer notes
|
| Underlying ETF: | iShares MSCI Brazil index fund
|
| Amount: | $8.1 million
|
| Maturity: | Aug. 4, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ETF shares fall below 70% of initial share price during life of notes, par plus fund return; otherwise, par plus greater of fund return and 23.4%, maximum cap of 40%
|
| Initial share price: | $66.34
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 2
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 1.25%
|
| Cusip: | 4042K0M93
|
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