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HSBC to price 18-month twin participation notes linked to S&P 500
By Susanna Moon
Chicago, Jan. 10 - HSBC USA Inc. plans to price 0% twin participation notes due July 25, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A trigger event occurs if the index closes below 70% of the initial level on any day during the life of the notes.
If a trigger event has not occurred and the index finishes above the initial level, the payout at maturity will be par plus any gain, up to a maximum return of 18% to 23%. The exact cap will be set at pricing.
If a trigger event has not occurred but the index finishes at or below the initial level, the payout at maturity will be par plus the absolute value of the index return.
If a trigger event has occurred, investors will receive par plus the index return, up to the 18% to 23% cap, with exposure to any losses.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Jan. 20 and settle on Jan. 25.
The Cusip is 4042K1VL4.
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