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HSBC to price knock-out buffer notes linked to S&P 500 via JPMorgan
By Jennifer Chiou
New York, April 21 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Oct. 31, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes below 80% of its initial level on any day during the life of the notes, the payout at maturity will be par plus the index return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the index return and 3.5%.
The notes are expected to price on April 22 and settle on April 27.
J.P. Morgan Securities Inc. is the agent.
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