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HSBC plans knock-out notes linked to S&P 500 with 20% cap, buffer
By Susanna Moon
Chicago, Feb. 23 - HSBC USA Inc. plans to price 0% knock-out buffer notes due March 13, 2013 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% on any day during the life of the notes.
If a knock-out event does not occur, the payout at maturity will be par plus the greater of the index return and the contingent return of 5%.
If a knock-out event occurs, the payout at maturity will be par plus the index return, with exposure to any losses.
The payout at maturity will be capped at a maximum return of 20%.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the dealer.
The notes will price on Feb. 24 and settle on Feb. 29.
The Cusip is 4042K1XW8.
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