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HSBC plans 18-month capped performance notes linked to S&P 500
By Jennifer Chiou
New York, June 24 - HSBC USA Inc. plans to price 0% capped performance notes due sometime between Dec. 29, 2011 and Jan. 6, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A trigger event will occur if the index falls below the barrier level - 70% to 75% of the initial level - during the life of the notes.
If a trigger event has occurred, the payout at maturity will be par plus the index return with exposure to any losses.
If a trigger event does not occur, the payout will be par plus any index gain, with a contingent minimum return of par.
The payout will be capped at 30%.
The notes are slated to price on June 23 and settle on June 28, but may price as late as July 2 with settlement on July 8.
HSBC Securities (USA) Inc. is the agent.
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