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HSBC to price 0% performance securities linked to S&P 500
By E. Janene Geiss
Philadelphia, Sept. 5 - HSBC USA Inc. plans to price an offering of 0% performance securities with contingent protection due Sept. 28, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. will be the underwriters.
The notes are expected to price Sept. 25 and settle Sept. 28.
The payout at maturity will be par of $10.00 plus any index gain multiplied by the participation rate, which is expected to be 100% to 110% and will be determined at pricing.
If the final index level is equal to or less than the initial index level, the payout will be par unless the index level closes below the trigger level - 50% of its initial level - during the life of the securities, in which case investors will be fully exposed to the decline.
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