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HSBC plans airbag performance notes linked to PowerShares S&P 500 Low Volatility
By Susanna Moon
Chicago, Sept. 5 - HSBC USA Inc. plans to price 0% airbag performance securities due Sept. 28, 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 125% to 140% of any fund gain, with the exact participation rate to be set at pricing.
Investors will receive par if the shares fall by 25% and will lose 1.3333% for every 1% that the ETF declines beyond 25%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 40433X258.
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