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HSBC to price absolute return barrier notes linked to S&P 500
By Susanna Moon
Chicago, Sept. 28 - HSBC USA Inc. plans to price an issue of 0% principal protection absolute return barrier notes due Oct. 31, 2008 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes between the upper and lower index barriers, the payout at maturity will be par plus the absolute index return. The upper index barrier is 115.5% to 117.5% of the initial index level and the lower index is 82.5% to 84.5%, with the exact levels to be set at pricing.
Investors will receive at least par.
The notes are expected to price on Oct. 26 and settle on Oct. 31.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
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