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HSBC plans to price autocallable notes due 2014 linked to S&P 500
By Marisa Wong
Madison, Wis., March 6 - HSBC USA Inc. plans to price 0% autocallable notes due March 13, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized call premium of 10.4% if the index closes at or above the initial index level on any of three semiannual observation dates.
If the notes are not called and the final index level is at least 90% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1.1111% for every 1% decline beyond the 10% buffer.
The notes (Cusip: 4042K1ZS5) will price on March 9 and settle on March 14.
HSBC Securities (USA) Inc. is the underwriter.
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