HSBC plans five-year principal-protected averaging notes on S&P 500

By Marisa Wong

Madison, Wis., July 11 - HSBC USA Inc. plans to price 0% averaging notes due July 23, 2018 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus at least 95% of any index gain. If the index falls, the payout will be par. The exact upside participation rate will be set at pricing.

The index's final level will be the average of its closing levels on 10 semiannual observation dates.

HSBC Securities (USA) Inc. is the agent.

The notes will price July 18 and settle July 23.

The Cusip number is 40432XHX2.

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