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HSBC plans contingent yield notes linked to Russell, Gold Miners ETF
By Toni Weeks
San Diego, May 8 - HSBC USA Inc. plans to price contingent yield notes due June 14, 2013 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
A trigger event will occur if either underlying component falls below the trigger level, 60% of the initial level, during the life of the notes.
If a trigger event does not occur, investors will receive par plus 13.5% at maturity.
If a trigger event occurs and the return of the least-performing underlying component is positive, investors will receive par.
If a trigger event occurs and the return of the least-performing component is negative, investors will share in those losses.
The notes (Cusip: 4042K1M34) are expected to price May 11 and settle May 16.
HSBC Securities (USA) Inc. will be the agent.
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