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HSBC plans to price knock-out buffer notes linked to S&P 500 index
By Toni Weeks
San Diego, May 8 - HSBC USA Inc. plans to price 0% knock-out buffer notes due May 16, 2017 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index falls by more than 50% on the May 11, 2017 final valuation date.
If a knock-out event does not occur, the payout at maturity will be par plus 145% of the index return, with a minimum return of zero.
If a knock-out event occurs, the payout at maturity will be par plus the index return, with full exposure to losses.
The notes (Cusip: 4042K1M26) are expected to price May 11 and settle May 16.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the agent.
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