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HSBC plans 12%-15% autocallable yield notes on S&P 500, Russell 2000
By Susanna Moon
Chicago, Sept. 7 - HSBC USA Inc. plans to price 12% to 15% autocallable yield notes due Sept. 27, 2012 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filed with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be called at par if the indexes close at or above their initial levels on any quarterly observation date.
A trigger event will occur if either index closes below 75% of its initial level during the life of the notes.
The payout will be par if a trigger event does not occur or if a trigger event does occur but the return of the worst-performing index is positive.
If a trigger event occurs and the return of the worst-performing component is negative, investors will share in the decline of that index.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Sept. 23 and settle on Sept. 28.
The Cusip is 4042K1ND1.
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