Published on 7/6/2010 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $300,000 more best-of performance notes linked to S&P 500
By Jennifer Chiou
New York, July 6 - HSBC USA Inc. priced another $300,000 of 0% best-of performance notes due July 5, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
This pushes the total issue amount to $3.09 million of 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 24%.
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: | $3,088,000 (up from $2,788,000)
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Maturity: | July 5, 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 24%
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Initial index level: | 1,030.71
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Pricing date: | June 30 for $2,788,000; July 2 for $300,000
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Settlement date: | July 6 for $2,788,000; July 8 for $300,000
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.25%
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Cusip: | 4042K03A1
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