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HSBC plans to price one-year Stars linked to S&P 500 index
By Toni Weeks
San Luis Obispo, April 24 – HSBC USA Inc. plans to price 0% Strategic Accelerated Redemption Securities due June 2016 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on any observation date, the notes will be called at par of $10 plus an annualized call premium of 7% to 11% that will be set at pricing. The observation dates are in November 2015, February 2016 and May 2016.
If the notes are not called, the payout at maturity will be par plus the index return, with full exposure to any losses.
The notes are expected to price in May and settle in June.
BofA Merrill Lynch is the agent.
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