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HSBC plans to sell knock-out buffer notes due 2012 linked to S&P 500
By Marisa Wong
Madison, Oct. 12 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Oct. 31, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 20% on any day during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return, with exposure to any losses.
If a knock-out event does not occur, the payout will be par plus the index return, subject to a contingent return of 17.15%.
In either case, the payout is subject to a maximum return of 20%.
The notes (Cusip: 4042K1QG1) will price on Oct. 14 and settle on Oct. 19.
HSBC Securities (USA) Inc. is the agent with J.P. Morgan Securities LLC as the dealer.
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