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HSBC to sell knock-out buffer notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, Aug. 4 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Feb. 10, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is the agent.
A knock-out event will occur if the index falls by more than the buffer amount of 30% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return. Investors are exposed to any losses.
If a knock-out event does not occur, the payout will be par plus the index return, with a floor of par plus the contingent minimum return of 2.5%.
The notes will price on Aug. 5 and settle on Aug. 10.
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