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HSBC to price knock-out buffer notes due 2012 linked to S&P 500
By Marisa Wong
Madison, Wis., Nov. 29 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Dec. 19, 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 20% on any day 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 the greater of the index return and 17.5%.
In either case, the maximum return will be 20%.
The notes (Cusip: 4042K1TW3) are expected to price on Dec. 2 and settle on Dec. 7.
HSBC Securities (USA) Inc. will be the underwriter with J.P. Morgan Securities LLC as the distributor.
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