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HSBC plans to price capped knock-out buffer notes tied to S&P 500
By Toni Weeks
San Diego, Jan. 25 - HSBC USA Inc. plans to price one-year capped knock-out buffer notes due Feb. 15, 2012 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the S&P index falls by more than 20% from its 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 the greater of the index return and the contingent minimum return of 2.75%.
In either case, the payout will be capped at 20%.
J.P. Morgan Securities LLC will act as agent.
The notes (Cusip: 4042K1CS0) are expected to price on Jan. 28 and settle on Feb. 2.
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