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HSBC plans to price knock-out buffer notes linked to S&P 500
By Toni Weeks
San Diego, Nov. 2 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Nov. 21, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 20% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return, with full exposure to losses.
Otherwise, the payout will be par plus the index return, with a minimum return of 8%.
In either case, the maximum return will be 20%.
The notes (Cusip: 4042K1RP0) are expected to price Nov. 4 and settle Nov. 9.
HSBC Securities (USA) Inc. will be the underwriter, with J.P. Morgan Securities LLC as the distributor.
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