HSBC plans two-year buffered PLUS linked to S&P 500 via Morgan Stanley

By Susanna Moon

Chicago, Nov. 1 - HSBC USA Inc. plans to price 0% buffered Performance Leveraged Upside Securities due Nov. 28, 2012 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley & Co. Inc. is the agent.

The payout at maturity will be par of $10.00 plus double any gain in the index, up to a maximum of $11.70 to $12.10 per note. The exact cap will be set at pricing.

Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond 10%.

The notes (Cusip 40432R468) are expected to price on Nov. 23 and settle on Nov. 29.

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