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HSBC to price capped knock-out buffer notes linked to Wells Fargo
By Marisa Wong
Madison, Wis., March 21 - HSBC USA Inc. plans to price 0% knock-out buffer notes due April 10, 2013 linked to the common stock of Wells Fargo & Co., according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the final share price is less than the initial price by more than 22.2%.
If a knock-out event does not occur, the payout at maturity will be par plus a contingent return of 10%.
If a knock-out event occurs, the payout at maturity will be par plus the stock return. Investors will be fully exposed to losses.
The notes (Cusip: 4042K1A94) will price on March 23 and settle on March 28.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the agent.
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