By Laura Lutz
Des Moines, Sept. 27 - HSBC USA Inc. priced a $6.52 million issue of 0% performance securities with contingent protection due Sept. 28, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus 109% of any gain on the index.
If the final level is less than the initial level but the index does not close below the trigger level - 50% of the initial level - during the life of the notes, the payout will be par.
If the final level is less than the initial level and the index has closed below the trigger level, investors will receive par minus the index decline.
UBS Financial Services Inc. is the underwriter.
| Issuer: | HSBC USA Inc.
|
| Issue: | 0% performance securities with contingent protection
|
| Underlying index: | S&P 500
|
| Amount: | $6,518,190
|
| Maturity: | Sept. 28, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 109% of any positive return if index gains; par if final index level is below initial level but stays above 50% of initial level during life of notes; otherwise, par minus the index decline
|
| Initial index level: | 1,517.21
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Underwriter: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
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