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HSBC plans contingent return optimization securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 15 - HSBC USA Inc. plans to price 0% contingent return optimization securities due May 30, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the trigger level, 75% of the initial index level, the payout at maturity will be par of $10 plus the greater of 6% and the index return. The payout will be subject to a maximum return of 27% to 34% that will be set at pricing.
If the final index level is less than the trigger level, investors will be fully exposed to the decline.
The notes (Cusip: 40433M781) are expected to price May 25 and settle May 31.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
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