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HSBC plans airbag notes on PowerShares S&P 500 Low Volatility ETF
By Toni Weeks
San Luis Obispo, Calif., June 17 - HSBC USA Inc. plans to price 0% airbag performance securities due July 5, 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 105% to 113% of any fund gain, with the exact participation rate to be set at pricing.
If the fund falls by up to 30%, the payout will be par.
Otherwise, investors will lose 1.4286% for every 1% decline beyond 30%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The notes are expected to price June 28 and settle July 3.
The Cusip number is 40433X563.
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