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HSBC to price knock-out buffer notes tied to stock basket via JPMorgan
By Angela McDaniels
Tacoma, Wash., Dec. 8 - HSBC USA Inc. plans to price 0% knock-out buffer notes due June 15, 2011 linked to a basket of stocks, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
The basket includes Roper Industries, Inc. with a 5% weight, Itron, Inc. with a 20% weight, United Technologies Corp. with a 25% weight, Johnson Controls, Inc. with a 20% weight, Rockwell Automation, Inc. with a 20% weight, EnerNOC, Inc. with a 5% weight and Echelon Corp. with a 5% weight.
If the final basket level has decreased from the initial level by more than 7%, the payout at maturity will be par plus the basket return. Otherwise, the payout will be par plus the greater of the basket return and 1%.
The notes will price Dec. 11 and settle on Dec. 16.
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