Published on 11/25/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $6.98 million buffered enhanced notes linked to iShares MSCI Emerging Markets fund
By E. Janene Geiss
Philadelphia, Nov. 25 - HSBC USA Inc. priced $6.98 million buffered enhanced market participation notes due Jan. 4, 2010 linked to iShares MSCI Emerging Markets Index Fund, according to a 424B filing with the Securities and Exchange Commission.
The payout at maturity will be par plus triple any gain on the fund capped at par plus 42.25%.
Investors will receive par if the fund declines by up to 15% and will lose 1% for each 1% that the fund drops beyond 15%.
HSBC Securities (USA) Inc. is the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Buffered enhanced market participation notes
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Underlying asset: | iShares MSCI Emerging Markets Index Fund
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Amount: | $6,977,000
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Maturity: | Jan.4, 2010
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus triple any gain on the fund, capped at par plus 42.25%; par for a decline of up to 15%; par minus 1% for each 1% loss beyond 15%
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Initial price: | $18.22
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Pricing date: | Nov. 20
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Settlement date: | Nov. 25
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Underwriter: | HSBC Securities (USA) Inc.
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Fees: | 1.5%
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