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HSBC plans averaging notes on PowerShares S&P 500 Low Volatility ETF
By Angela McDaniels
Tacoma, Wash., Aug. 2 – HSBC USA Inc. plans to price 0% averaging notes due Aug. 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.
If the ETF return is greater than zero, the payout at maturity will be par plus 110% to 130% of the ETF return. The exact upside participation will be set at pricing. If the ETF return is less than or equal to the zero, the payout will be par.
The ETF’s final share price will be the average of its closing share prices on 28 quarterly observation dates.
HSBC Securities (USA) Inc. is the agent.
The notes will price Aug. 26.
The Cusip number is 40433USA5.
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