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HSBC to price Accelerated Return Notes linked to insurance stocks
By Angela McDaniels
Tacoma, Wash., June 13 – HSBC USA Inc. plans to price 0% Accelerated Return Notes due June 2016 linked to a basket of three insurance sector stocks, according to an FWP filing with the Securities and Exchange Commission.
The equally weighted basket includes Hartford Financial Services Group, MetLife, Inc. and Prudential Financial Inc.
If the basket return is positive, the payout at maturity will be par of $10 plus triple the basket return, subject to a maximum return that is expected to be 29% to 33% and will be set at pricing. If the basket return is negative, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in June.
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