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HSBC plans 6%-7% autocallable yield notes linked to S&P 500, Russell
By Susanna Moon
Chicago, July 2 - HSBC USA Inc. plans to price 6% to 7% autocallable yield notes due Oct. 29, 2014 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly with the exact the rate to be set at pricing.
The notes will be called at par plus accrued interest if the indexes close above their initial levels on any quarterly observation date beginning Jan. 29, 2014.
A trigger event will occur if either index closes below the 70% trigger level on any trading day during the life of the notes.
The payout at maturity will be par if each index finishes at or above its initial level, or never closes below the trigger level.
Otherwise, the payout will be par plus the return of the least performing index.
HSBC Securities (USA) Inc. will be the agent.
The notes will price on July 24 and settle on July 29.
The Cusip number is 40432XHG9.
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