Published on 10/8/2009 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $5 million bearish return enhanced notes linked to S&P 500 via JPMorgan
By Jennifer Chiou
New York, Oct. 8 - HSBC USA Inc. priced $5 million of 0% bearish return enhanced notes due Nov. 2, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus quadruple the absolute value of any decline in the index, up to a maximum return of 97.4%. Investors will lose 4% for each 1% gain in the index.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Bearish return enhanced notes
|
| Underlying index: | S&P 500
|
| Amount: | $5 million
|
| Maturity: | Nov. 2, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus four times the absolute value of any index decline, capped at 97.4%; 4% loss for each 1% index gain
|
| Initial index level: | 1,057.58
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 13
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 2.5%
|
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