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HSBC plans capped knock-out buffer notes linked to GM via JPMorgan
By Susanna Moon
Chicago, July 12 - HSBC USA Inc. plans to price 0% capped knock-out buffer notes due Aug. 1, 2012 linked to General Motors Co. shares, according to an FWP filing with the Securities and Exchange Commission.
If General Motors stock falls by more than 25% during the life of the notes, the payout at maturity will be par plus the stock return, with exposure to any losses.
Otherwise, the payout will be par plus the greater of the stock return and a contingent minimum return of 4.2%.
In either case, the payout is subject to a maximum return of 25%.
J.P. Morgan Securities LLC is the agent.
The notes will price on July 15 and settle on July 20.
The Cusip number is 4042K1LJ0.
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