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HSBC plans equity buffer notes linked to Financial Select Sector SPDR
By Jennifer Chiou
New York, Nov. 3 - HSBC USA Inc. plans to price 0% equity buffer notes due Jan. 28, 2010 linked to shares of the Financial Select Sector SPDR exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the final share price is at least the initial price, the payout at maturity will be par plus 300% of any increase in the share price, capped at 27% to 35%.
If the share price declines by up to 20%, the payout will be par. Investors will lose 1% for each 1% that the shares decline past 20%.
The notes are expected to price on Nov. 24 and settle on Nov. 29.
HSBC Securities (USA) Inc. will be the agent.
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