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HSBC to price knock-out buffer notes with 15% cap linked to S&P 500
By Susanna Moon
Chicago, May 16 - HSBC USA Inc. plans to price knock-out buffer notes due June 5, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the index ever closes below the 76.5% trigger level during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return with exposure to any losses and gains capped at 15%.
Otherwise, the payout will be par plus the greater of the 5% contingent minimum return and any gains capped at 15%.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the dealer.
The notes will price on May 18 and settle on May 23.
The Cusip number is 4042K1N33.
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