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HSBC plans return optimization notes tied to iShares MSCI ETFs via UBS
By Angela McDaniels
Tacoma, Wash., March 31 - HSBC USA Inc. plans to price 0% return optimization securities with contingent protection due April 30, 2013 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the iShares MSCI EAFE index fund with a 70% weight and the iShares MSCI Emerging Markets index fund with a 30% weight.
The payout at maturity will be par of $10 plus 1.5 times any basket gain, subject to a maximum return of 40% to 45% that will be set at pricing.
If the basket return is between zero and negative 40%, the payout will be par.
If the basket return is less than negative 40%, the payout will be par plus the basket return.
The notes are expected to price April 27 and settle April 30.
UBS Financial Services Inc. is the underwriter.
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