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HSBC Bank plans to price digital equity buffer notes linked to S&P 500
By E. Janene Geiss
Philadelphia, Dec. 2 - HSBC Bank USA NA plans to issue digital equity buffer plus notes due June 29, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index increases, the payout at maturity will be par plus a contingent coupon of 16% to 20%. The exact coupon will be set at pricing. Investors will receive par if the index declines by 20% or less and lose 1% for every 1% the index declines beyond 20%.
The notes will price Dec. 23 and settle Dec. 29.
HSBC Securities (USA) Inc. will be the underwriter.
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