Published on 9/29/2010 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $4 million 10% callable yield notes on S&P 500, Russell 2000 via JPMorgan
By Susanna Moon
Chicago, Sept. 29 - HSBC USA Inc. priced $4 million of 10% callable yield notes due Dec. 30, 2011 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
Interest is payable quarterly.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either index finishes at or below 65% of its initial level, in which case investors will receive par plus the return of the worst-performing index.
| Issuer: | HSBC USA Inc.
|
| Issue: | Callable yield notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $4 million
|
| Maturity: | Dec. 30, 2011
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either index finishes at or below its knock-in level, par plus the return of the worst-performing index; otherwise, par
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 1,146.05 for S&P 500; 668.29 for Russell 2000
|
| Knock-in levels: | 744.93 for S&P 500; 434.81 for Russell 2000; or 65% of initial levels
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 1.15%
|
| Cusip: | 4042K05Y7
|
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