Published on 8/18/2010 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $755,158 9.72% yield optimization notes linked to Starwood
By Marisa Wong
Madison, Wis., Aug. 18 - HSBC USA Inc. priced $755,158 of 9.72% yield optimization notes with contingent protection due Aug. 22, 2012 linked to the common stock of Starwood Hotels & Resorts Worldwide, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $47.59, which is the closing price of Starwood stock at pricing.
Interest is payable monthly.
The payout at maturity will be par unless the final price of Starwood stock is less than 75% of the initial share price, in which case the payout will be one share of Starwood stock per note.
UBS Financial Services Inc. and HSBC USA Inc. are the agents.
Issuer: | HSBC USA Inc.
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Issue: | Yield optimization notes with contingent protection
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Underlying stock: | Starwood Hotels & Resorts Worldwide, Inc. (Symbol: HOT)
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Amount: | $755,158.12
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Maturity: | Aug. 22, 2012
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Coupon: | 9.72%, payable monthly
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Price: | Par of $47.59
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Payout at maturity: | If final share price is less than trigger price, one Starwood share; otherwise, par
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Initial share price: | $47.59
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Trigger price: | $35.70, 75% of initial price
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Pricing date: | Aug. 16
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Settlement date: | Aug. 19
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Underwriters: | UBS Financial Services Inc. and HSBC USA Inc.
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Fees: | 2.75%
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Cusip: | 40432R690
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