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HSBC plans leveraged buffered uncapped notes on PowerShares fund
By Jennifer Chiou
New York, Dec. 5 - HSBC USA Inc. plans to price 0% leveraged buffered uncapped market participation securities due Dec. 27, 2016 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP with the Securities and Exchange Commission.
If the ETF's return is greater than or equal to zero, the payout at maturity will be par plus 105% to 115% of the ETF's return. The exact upside participation rate will be set at pricing. If the ETF's return is less than zero but greater than or equal to negative 10%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the ETF declines beyond 10%.
The notes (Cusip: 40432XQV6) are expected to price on Dec. 23 and settle on Dec. 27.
HSBC Securities (USA) Inc. is the agent.
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