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HSBC plans to price notes with contingent return linked to S&P 500 via UBS
By E. Janene Geiss
Philadelphia, June 27 - HSBC USA Inc. plans to price an issue of 0% performance securities with contingent return due July 29, 2011 linked to the S&P 500 index via UBS Financial Services Inc. and HSBC USA Inc., according to an FWP filing with the Securities and Exchange Commission.
If the basket does not close below the trigger level - 75% of the initial level - during the life of the notes, the payout will be par of $10 plus the greater of the basket return and the contingent return of 21% to 25%. The exact return will be set at pricing.
If the trigger is hit during the life of the notes, investors will receive par multiplied by the basket return.
The notes are expected to price July 28 and settle July 31.
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