HSBC plans one-year autocallable notes with 90% trigger on S&P 500

By Susanna Moon

Chicago, May 16 - HSBC USA Inc. plans to price 0% autocallable notes due June 5, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 12% if the index closes at or above the initial level on any quarterly observation date.

If the notes are not called, the payout at maturity will be par if the index finishes at or above the 90% trigger level.

Otherwise, investors will lose 1.1111% for every 1% decline beyond the 10% buffer.

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 4042K1N41.

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