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HSBC to price best-of performance notes linked to S&P 500 index
By Jennifer Chiou
New York, Sept. 2 - HSBC USA Inc. plans to price 0% best-of performance notes due Oct. 4, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes 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 the contingent minimum return, which is expected to be 8% to 13% and will be set at pricing.
The notes (Cusip: 4042K05R2) are expected to price on Sept. 30 and settle on Oct. 5.
HSBC Securities (USA) Inc. is the agent.
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