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HSBC to price knock-out buffer notes due 2012 linked to S&P 500
By Jennifer Chiou
New York, June 21 - HSBC USA Inc. plans to price 0% knock-out buffer notes due July 11, 2012 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
A knock-out event occurs if the index's closing level falls by more than 20% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return, which could be positive or negative. Otherwise, investors will receive par plus the greater of the index return and 4%.
In either case, the maximum return will be 20%.
The notes (Cusip: 4042K1KC6) will price on June 24 and settle on June 29.
J.P. Morgan Securities LLC is the agent.
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