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HSBC plans 0% auto callable notes linked to S&P 500
By Susanna Moon
Chicago, Dec. 7 - HSBC USA Inc. plans to price 0% auto callable notes due Jan. 5, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes are callable if the index level is at least its initial level. The notes will be redeemed at 110% of par if called on Dec. 29, 2008, 120% of par if called on Dec. 30, 2009 and 130% of par if called on Dec. 31, 2010.
If the notes are not called, the payout at maturity will be par, unless the index falls by more than 10%. Beyond a 10% drop, investors will lose 1% for each 1% loss in the index.
The notes are expected to price on Dec. 21 and settle on Dec. 27.
HSBC Securities (USA) Inc. is the underwriter.
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