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HSBC plans leveraged buffered uncapped notes on PowerShares fund
By Marisa Wong
Madison, Wis., Dec. 31 - HSBC USA Inc. plans to price 0% leveraged buffered uncapped market participation securities due Jan. 28, 2019 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP with the Securities and Exchange Commission.
If the ETF's return is greater than or equal to zero, the payout at maturity will be par plus at least 110% of the ETF's return. The exact upside participation rate will be set at pricing. If the ETF's return is less than zero but greater than or equal to negative 20%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the ETF declines beyond 20%.
The notes (Cusip: 40432XRS2) are expected to price on Jan. 23 and settle on Jan. 28.
HSBC Securities (USA) Inc. is the agent.
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