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HSBC plans 8%-11% callable yield notes on S&P, Russell, iShares EM
By Susanna Moon
Chicago, March 4 - HSBC USA Inc. plans to price 8% to 11% callable yield notes due March 29, 2011 based on the performance of the iShares MSCI Emerging Markets index fund, the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any interest payment date.
If the notes are not called, the payout at maturity will be par unless any of the underlying components falls to or below its knock-in level - 70% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing fund or index, up to a maximum payout of par.
The notes will price on March 24 and settle on March 29.
HSBC Securities (USA) Inc. is the underwriter.
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