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HSBC plans airbag notes linked to PowerShares S&P 500 Low Volatility
By Susanna Moon
Chicago, May 1 - HSBC USA Inc. plans to price 0% airbag performance securities due May 31, 2018 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 130% to 140% of any fund gain, with the exact participation rate to be set at pricing.
Investors will receive par if the fund falls by up to 25% and will lose 1.3333% for every 1% decline beyond 25%.
HSBC Securities (USA) LLC is the underwriter with UBS Financial Services Inc. as agent.
The notes will price on May 28 and settle on May 31.
The Cusip number is 40433X753.
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