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HSBC plans contingent return optimization notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 15 - HSBC USA Inc. plans to price 0% contingent return optimization securities due March 28, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the final index level is at least 80% of the initial index level, the payout at maturity will be par of $10 plus the index return, subject to a minimum return of 6% and a maximum return of 22% to 28%. The exact cap will be set at pricing.
If the final index level is less than 80% of the initial level, investors will be fully exposed to the index decline from the initial level.
The notes (Cusip: 40433C502) are expected to price March 28 and settle March 31.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
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