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HSBC to price performance securities linked to index basket
By Laura Lutz
Des Moines, May 23 - HSBC USA Inc. plans to price an issue of performance securities with partial protection due May 28, 2010 linked to a basket of three indexes, according to an FWP filing with the Securities and Exchange Commission.
The basket consists of the Nikkei 225 index with a 20% weight, the Dow Jones Euro Stoxx 50 index with a 20% weight and the S&P 500 index with a 60% weight.
If the index performance is positive, investors will receive par plus the return on the index times a participation rate that will be between 109% and 114%. The exact participation rate will be set at pricing.
If the index declines by less than 20%, the payout will be par. Investors will lose 1% for each 1% that the index declines beyond 20%.
The notes are expected to price on May 25 and settle on May 31.
UBS Financial Services, Inc. and HSBC Securities (USA) Inc. will be the underwriters.
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