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HSBC plans dual directional knock-out notes due 2013 linked to S&P 500
By Susanna Moon
Chicago, March 28 - HSBC USA Inc. plans to price 0% dual directional knock-out notes due April 17, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the index ever closes below the 81.5% trigger level during the life of the notes.
If the index finishes above the initial level, the payout at maturity will be par plus the gain, up to a maximum return of 15%.
If the index finishes below the initial level and a knock-out event has not occurred, the payout will be par plus the absolute value of the index return.
Otherwise, investors will be exposed to any losses.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the placement agent.
The notes will price on March 30 and settle on April 4.
The Cusip is 4042K1C92.
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