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HSBC plans knock-out buffer notes linked to iShares MSCI Brazil
By Toni Weeks
San Diego, Sept. 7 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Sept. 26, 2012 linked to the iShares MSCI Brazil index fund, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the fund falls by more than 30% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the fund return, which could be positive or negative.
Otherwise, the payout will be par plus the fund return, subject to a contingent minimum return of 10%.
In either case, the maximum return will be 30%.
The notes (Cusip: 4042K1NL3) are expected to price Sept. 9 and settle Sept. 14.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the agent.
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