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HSBC plans long short notes on Energy Select Sector/Consumer Discretionary composite index
By Marisa Wong
Madison, Wis., Oct. 29 - HSBC USA Inc. plans to price 18- to 22-month long short notes linked to the Energy Select Sector/Consumer Discretionary Select Sector Long Short index, according to an FWP filing with the Securities and Exchange Commission.
The composite index consists of a leveraged long position in the Energy Select Sector index and a short position in the Consumer Discretionary Select Sector index.
The long component is given an initial weight of 150%, and the short component gets an initial weight of negative 50%.
The payout at maturity will be par plus any gain in the composite index.
Investors will be fully exposed to losses.
BofA Merrill Lynch is the agent.
The notes will price in November and settle in December.
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