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HSBC plans three-year market-linked step-up notes on index basket
By Jennifer Chiou
New York, Feb. 5 - HSBC USA Inc. plans to price market-linked step-up notes due February 2017 tied to the S&P 500 index with a 40% weight, the Euro Stoxx 50 index with a 30% weight and the MSCI EAFE index with a 30% weight, according to an FWP with the Securities and Exchange Commission.
If the basket finishes at or above the step-up value - 118% of the initial level - the payout at maturity will be par plus 115% to 135% of the basket return.
If the basket finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 18%.
Investors will be fully exposed to losses.
The exact deal terms will be set at pricing.
The notes will price in February and settle in March.
BofA Merrill Lynch is the agent.
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