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HSBC plans buffered return enhanced notes due 2010 linked to S&P 500 via JPMorgan
By E. Janene Geiss
Philadelphia, Dec. 16 - HSBC USA Inc. plans to price 0% buffered return enhanced notes due Jan. 6, 2010 linked to the S&P 500 index via J.P. Morgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any index gain, subject to a maximum return that is expected to be 30%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that the index declines beyond 10%.
The final index level will be the arithmetic average of the index's closing levels on the five consecutive trading days ending Dec. 31, 2009.
The notes are expected to price on Dec. 18 and settle on Dec. 23.
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