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HSBC plans two-year market-linked step-up notes tied to S&P 500
By Jennifer Chiou
New York, May 30 - HSBC USA Inc. plans to price market-linked step-up notes due June 2016 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes at or above the step-up value - 109% to 115% of the initial level - the payout at maturity will be par of $10.00 plus the index gain.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 9% to 15%.
Investors will be fully exposed to any losses.
The notes will price in June and settle in July.
BofA Merrill Lynch is the agent.
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