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HSBC plans contingent return optimization securities linked to S&P 500
By Toni Weeks
San Diego, Aug. 1 - HSBC USA Inc. plans to price 0% contingent return optimization securities due Aug. 29, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the final index level is at least 75% of the initial level, the payout at maturity will be par of $10 plus the greater between the 6% contingent return and the index return, subject to a maximum return of 23% to 295 that will be set at pricing.
If the final index level is less than 75% of the initial level, investors will be fully exposed to the decline.
The notes (Cusip: 40433M310) are expected to price Aug. 28 and settle Aug. 31.
HSBC Securities (USA) Inc. is the underwriter, and UBS Financial Services Inc. is the agent.
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