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HSBC plans to price knock-out buffer notes linked to S&P 500 index
By Jennifer Chiou
New York, Feb. 23 - HSBC USA Inc. plans to price 0% knock-out buffer notes due March 14, 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's closing level 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, which could be positive or negative. Otherwise, investors will receive par plus the greater of the index return and 0.7%.
In each case, the payout will be subject to a maximum return of 20%.
The notes (Cusip: 4042K1EC3) will price on Feb. 25 and settle on March 2.
J.P. Morgan Securities LLC is the agent.
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