Published on 7/1/2010 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $100,000 more best-of performance notes linked to S&P 500
By Susanna Moon
Chicago, July 1 - HSBC USA Inc. priced another $100,000 of 0% best-of performance notes due June 3, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $2.71 million. HSBC originally priced $2.61 million of the notes.
If the index falls below the barrier level - 75% of the initial level - 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 21%.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Best-of performance notes
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Underlying index: | S&P 500
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Amount: | $2,714,000, up from $2,614,000
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Maturity: | June 3, 2013
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index falls below 75% of initial level during life of notes, par plus index return; otherwise, par plus greater of index return and 21%
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Initial index level: | 1,089.41
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Pricing date: | May 28 for $2.61 million; June 29 for $100,000
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Settlement date: | June 3 for $2.61 million; July 2 for $100,000
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.25%
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Cusip: | 4042K0Z24
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