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HSBC to price three-year best-of performance notes linked to S&P 500
By Jennifer Chiou
New York, April 5 - HSBC USA Inc. plans to price 0% best-of performance notes due May 6, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A trigger event will occur if the index falls below the barrier level, which is 75% of the initial level, during the life of the notes.
If a trigger event has occurred, the payout at maturity will be par plus the index return.
If a trigger event does not occur, the payout will be par plus the greater of the 15% to 20% contingent minimum return and the index return. The exact terms will be set at pricing.
The notes are expected to price on April 30, with settlement on May 5.
HSBC Securities (USA) Inc. is the agent.
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