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HSBC plans airbag performance notes linked to S&P 500 Low Volatility
By Susanna Moon
Chicago, Jan. 4 - HSBC USA Inc. plans to price 0% airbag performance securities due April 30, 2018 linked to the S&P 500 Low Volatility index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 140% to 150% of any index gain, with the exact participation rate to be set at pricing.
If the index falls by up to 25%, the payout will be par.
Otherwise, investors will lose 1.33333% for every 1% decline beyond 25%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
The Cusip number is 40433T380.
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