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HSBC to price knock-out buffer notes due 2012 linked to S&P 500
By Jennifer Chiou
New York, Nov. 15 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Dec. 5, 2012 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 35.75% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the index return, with full exposure to losses.
Otherwise, the payout will be par plus 10%.
In either case, the maximum return will be 10%.
The notes (Cusip: 4042K1ST1) are expected to price on Nov. 18 and settle on Nov. 23.
HSBC Securities (USA) Inc. will be the underwriter with J.P. Morgan Securities LLC as the distributor.
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