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HSBC plans averaging notes on PowerShares S&P 500 Low Volatility ETF
By Marisa Wong
Morgantown, W.Va., July 12 – HSBC USA Inc. plans to price 0% averaging notes due July 31, 2023 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 the greater of the fund return and the minimum return of 2% to 4%. The exact minimum return will be set at pricing.
The fund’s final level will be the average of its closing levels on 28 quarterly observation dates.
HSBC Securities (USA) Inc. is the agent.
The notes will price July 26.
The Cusip number is 40433UQV1.
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