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HSBC plans buffered uncapped notes linked to low-volatility ETF
By Marisa Wong
Madison, Wis., June 23 – HSBC USA Inc. plans to price 0% buffered uncapped market participation securities due July 31, 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.
If the ETF return is greater than zero, the payout at maturity will be par plus the ETF return.
Investors will receive par if the ETF falls by 10% or less and will lose 1% for every 1% that the ETF declines beyond 10%. The exact buffer will be set at pricing and will be at least 10%.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price July 28 and settle July 31.
The Cusip number is 40433B2Y3.
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