Published on 4/29/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2 million buffered return enhanced notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 29 - HSBC USA Inc. priced $2 million of 0% buffered return enhanced notes due April 30, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 1.5 times any index gain, up to a maximum return of 17.1%. Investors will receive par if the index falls by up to 15% and will lose 1.1765% for each 1% decline beyond 15%.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Buffered return enhanced notes
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Underlying index: | S&P 500 index
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Amount: | $2 million
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Maturity: | April 30, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any index gain, capped at 17.1%; par if index falls by up to 15%; 1.1765% loss per 1% drop beyond 15%
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Initial level: | 1,585.16
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | HSBC Securities (USA) Inc.
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.5%
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Cusip: | 40432XEZ0
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