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HSBC plans one-year knock-out buffer notes with 20% cap on S&P 500
By Susanna Moon
Chicago, Nov. 30 - 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 with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 20% 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 a contingent return of 17.5%.
In either case, the maximum return will be 20%.
HSBC Securities (USA) Inc. will be the underwriter, and J.P. Morgan Securities LLC will handle distribution.
The notes will price on Dec. 2 and settle on Dec. 7.
The Cusip number is 4042K1TW3.
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