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HSBC to price contingent buffered enhanced notes tied to Euro Stoxx
By Marisa Wong
Madison, Wis., Aug. 27 - HSBC USA Inc. plans to price 0% contingent buffered enhanced notes due Sept. 17, 2014 linked to the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index closes below the initial level by more than 20% on any day during the life of the notes or the final index level is less than the initial level by more than 20%. The final index level will be the average of the index closing levels on the five averaging days ending Sept. 12, 2014.
If a knock-out event occurs, the payout at maturity will be par plus the index return, subject to a maximum return of 9.6%, with full exposure to losses. Otherwise, the payout will be par plus 9.6%.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as dealer.
The notes are expected to price Aug. 30 and settle Sept. 5.
The Cusip number is 40432XKW0.
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