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HSBC plans to price knock-out buffer notes linked to S&P 500
By Jennifer Chiou
New York, Sept. 27 - HSBC USA Inc. plans to price knock-out buffer notes due Oct. 17, 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 falls by more than 20% during the life of the notes.
If a knock-out event occurs, investors will receive par plus the return, with exposure to the decline in the index.
Otherwise, the payout will be par plus the greater of the index return and the 18% contingent minimum return.
In either case, the return will be capped at 20%.
The notes (Cusip: 4042K1PM9) are expected to price on Sept. 30 and settle on Oct. 5.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the placement agent.
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