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HSBC plans 97% protected absolute peak return barrier notes linked to Russell 2000
By Jennifer Chiou
New York, July 14 - HSBC USA Inc. plans to price zero-coupon 97% principal protection absolute peak return barrier notes due July 15, 2009 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
If the index never closes outside its range, the payout at maturity will be par of $10 plus the absolute peak return of the index on any trading day during the life of the notes. Otherwise, the payout will be 97% of par.
The upper and lower index barriers of the range will be 20.3% above and below the initial level, with the exact range to be set at pricing.
The notes are expected to price on July 15 and settle on July 18.
UBS Financial Services Inc. and HSBC USA Inc. will be the underwriters.
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