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HSBC USA to price buffered dual directional return enhanced notes linked to S&P 500 via JPMorgan
By Angela McDaniels
Tacoma, Wash., March 23 - HSBC USA Inc. plans to price 0% buffered dual directional return enhanced notes due April 14, 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.
The payout at maturity will be par plus double any index gain, subject to a maximum return of 24%. If the index declines by 10% or less, the payout will be par plus the absolute value of the index return. Investors will lose 1.1111% for every 1% that the index declines beyond 10%.
The notes will price March 26 and settle March 31.
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