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HSBC plans leveraged buffered notes linked to S&P 500 Low Volatility
By Angela McDaniels
Tacoma, Wash., May 1 - HSBC USA Inc. plans to price 0% leveraged buffered uncapped market participation notes due May 29, 2015 linked to the S&P 500 Low Volatility index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is greater than zero, the payout at maturity will be par plus 110% to 115% of the index return. The exact upside participation rate will be set at pricing. Investors will receive par if the index declines by 20% or less and will lose 1% for every 1% that the index declines beyond 20%.
The S&P 500 Low Volatility index is made up of the 100 least-volatile stocks over the previous year in the S&P 500 index. The index is rebalanced quarterly.
The notes (Cusip: 4042K1K69) will price May 23 and settle May 29.
HSBC Securities (USA) Inc. is the underwriter.
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