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HSBC to price market-linked step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 29 - HSBC USA Inc. plans to price 0% market-linked step-up notes due May 2015 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
BofA Merrill Lynch is the agent.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is expected to be 110% to 116% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, which is expected to be 10% to 16%.
If the final index level is less than the initial level, investors will be fully exposed to the decline.
The exact terms will be set at pricing.
The notes are expected to price in May and settle in June.
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