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HSBC plans dual directional knock-out buffer notes linked to S&P 500
By Susanna Moon
Chicago, May 16 - HSBC USA Inc. plans to price dual directional knock-out notes due June 5, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the index ever closes below the 77.9% trigger level during the life of the notes.
If the index finishes at or above the initial level, the payout at maturity will be par plus any gain, up to a maximum return of 15%.
If the index finishes below the initial level but a knock-out event never occurs, the payout will be par plus the absolute value of the return.
Otherwise, the payout at maturity will be par plus the index return with exposure to any losses.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the dealer.
The notes will price on May 18 and settle on May 23.
The Cusip number is 4042K1N58.
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