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HSBC plans two-year capped Leveraged Index Return Notes on S&P 500
By Susanna Moon
Chicago, April 27 - HSBC USA Inc. plans to price capped Leveraged Index Return Notes due May 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus double any gain in the index, up to a maximum return of $11.70 to $12.10 per note. The exact cap will be set at pricing.
Investors will receive par if the index falls by up to 10% and will be exposed to any losses beyond 10%.
Bank of America Merrill Lynch will be the agent.
The notes are expected to price in May and settle in June.
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