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HSBC USA to price knock-out buffer notes linked to S&P 500 via JPMorgan
By Angela McDaniels
Tacoma, Wash., March 10 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Sept. 16, 2010 linked to the S&P 500 index via agent J.P. Morgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index falls below the knock-out level - 70% of the initial index level - on any day from Sept. 17, 2009 through Sept. 13, 2010.
If a knock-out event occurs, the payout at maturity will be par plus the index return.
If a knock-out event does not occur, the payout will be par plus the greater of the index return and 2.4%.
The notes will price March 12 and settle March 17.
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