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HSBC to sell bearish accelerated market participation notes on S&P 500
By Susanna Moon
Chicago, Nov. 23 - HSBC USA Inc. plans to price 0% bearish accelerated market participation securities due March 2, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus triple the absolute value of any index decline, up to a maximum return of 18% to 20%. The exact cap will be set at pricing.
Investors will lose 1% for each 1% index gain.
The notes will price on Nov. 24 and settle on Nov. 30.
HSBC Securities (USA) Inc. is the agent.
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