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HSBC to sell three-year best of performance notes linked to S&P 500
By Susanna Moon
Chicago, June 4 - HSBC USA Inc. plans to price 0% best of performance notes due July 5, 2013 based on 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 - 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 with exposure to any losses.
If a trigger event does not occur, the payout will be par plus any index gain, with a contingent minimum return of 19% to 24%. The exact floor will be set at pricing.
The notes are expected to price on June 30 and settle on July 6.
HSBC Securities (USA) Inc. is the agent.
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