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HSBC plans trigger return optimization notes linked to three funds
By Jennifer Chiou
New York, Sept. 23 - HSBC USA Inc. plans to price 0% trigger return optimization securities due Sept. 30, 2014 linked to a basket of exchange-traded funds, according to an FWP with the Securities and Exchange Commission.
The basket includes the iShares MSCI Emerging Markets index fund with a 40% weight, the iShares MSCI EAFE index fund with a 30% weight and the SPDR Trust Series 1 with a 30% weight.
The payout at maturity will be par of $10 plus double any increase in the basket, subject to a maximum return of 50% to 56.5% that will be set at pricing. Investors will receive par if the basket falls by 25% or less and will be fully exposed to the decline from the initial level if the basket falls beyond 25%.
The notes (Cusip: 40433C411) are expected to price on Sept. 27 and settle on Sept. 30.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
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