By Laura Lutz
Des Moines, April 30 - HSBC USA Inc. lowered the underwriting fees for its planned issue of $627,000 of 0% enhanced market participation notes due June 30, 2009 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission on Wednesday.
The fees are now set at 1%, down from 1.45%. The deal was first announced in a 424B2 filed on April 29.
If the final index level is at least the initial level, the payout will be par plus 400% of any gain on the index, capped at a payout equal to 120% of par.
If the final index level is below the initial level, the payout will be par times the index performance.
HSBC Securities (USA) Inc. is the underwriter.
| Issuer: | HSBC USA Inc.
|
| Issue: | Enhanced market participation notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $627,000
|
| Maturity: | June 30, 2009
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is at least initial level, par plus 400% of any index gain, capped at payout of 120% of par; otherwise, par times index performance
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Underwriter: | HSBC Securities (USA) Inc.
|
| Fees: | 1%, down from 1.45%
|
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