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HSBC plans 7.5%-9.5% yield optimization notes tied to CVS via UBS
By Jennifer Chiou
New York, July 21 - HSBC USA Inc. plans to price yield optimization notes with contingent protection due Jan. 31, 2011 linked to the common stock of CVS Caremark Corp., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 7.5% to 9.5%. Interest will be payable monthly.
The principal amount of each note will be equal to the closing stock price of CVS on the pricing date.
The payout at maturity will be par unless the final share price is less than 80% of the initial share price, in which case the payout will be one share of CVS stock.
The notes (Cusip 40432R757) are expected to price on July 28 and settle July 30.
UBS Financial Services Inc. and HSBC USA Inc. are the agents.
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