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HSBC plans to price 0% Accelerated Return Notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., May 31 - HSBC USA Inc. plans to price two-year 0% Accelerated Return Notes due June 2015 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, subject to a maximum return of 12% to 16%. Investors will be fully exposed to any decline in the index level.
The starting index level will be the lowest closing level of the index on any trading day during the first two months after pricing, inclusive.
The ending index level will be the average of the closing index levels on five scheduled calculation days shortly before the maturity date.
The exact terms and dates will be set at pricing.
BofA Merrill Lynch will act as agent.
The notes are expected to settle in July.
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