Published on 1/27/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1 million best-of performance notes tied to S&P 500
By Marisa Wong
Madison, Wis., Jan. 27 - HSBC USA Inc. priced $1 million of 0% best-of performance notes due Jan. 30, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index's closing level remains at or above 69% of its initial level throughout the life of the notes, the payout at maturity will be par plus the greater of the index return and 15%. Otherwise, the payout will be par plus the index return, which could be positive or negative.
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: | $1 million
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Maturity: | Jan. 30, 2014
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index's closing level remains at or above barrier level throughout life of notes, par plus greater of index return and 15%; otherwise, par plus index return with exposure to any losses
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Initial index level: | 1,291.18
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Barrier level: | 890.91, 69% of initial level
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Pricing date: | Jan. 25
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Settlement date: | Jan. 28
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1%
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Cusip: | 4042K1CR2
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