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HSBC plans performance securities with contingent protection tied to iShares MSCI ETFs
By Marisa Wong
Milwaukee, March 1 - HSBC USA Inc. plans to price 0% performance securities with contingent protection due March 31, 2015 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the iShares MSCI EAFE index fund with a 70% weight and the iShares MSCI Emerging Markets index fund with a 30% weight.
The payout at maturity will be par of $10 plus 100% to 110% of any basket gain. The exact percentage will be set at pricing.
If the basket return is between 0% and negative 50%, the payout will be par.
If the basket return is less than negative 50%, the payout will be par plus the basket return.
The notes are expected to price March 26 and settle March 31.
UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.
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