HSBC plans autocallable optimization notes on Hewlett-Packard via UBS

By Susanna Moon

Chicago, Aug. 24 - HSBC USA Inc. plans to price 0% autocallable optimization securities with contingent protection due Sept. 2, 2011 based on the performance of Hewlett-Packard Co. shares, according to an FWP filing with the Securities and Exchange Commission.

If Hewlett-Packard stock closes at or above the initial share price on any of 12 monthly observation dates, the notes will be called and investors will receive par of $10 plus an annualized call return of 16% to 20% that will be set at pricing.

If the notes are not called, the payout at maturity will be par if the final share price is at least 75% of the initial price. Otherwise, investors will receive par plus the stock return.

The notes (Cusip 40432R666) are expected to price Aug. 26 and settle Aug. 31.

UBS Financial Services Inc. and HSBC USA Inc. are the agents.

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