HSBC plans buffered return enhanced notes linked to iShares MSCI EM

By Jennifer Chiou

New York, Oct. 25 - HSBC USA Inc. plans to price 0% buffered return enhanced notes due Nov. 15, 2012 linked to the iShares MSCI Emerging Markets index fund, according to an FWP with the Securities and Exchange Commission.

The payout at maturity will be par plus double any fund gain, up to a maximum return of 22%.

Investors will receive par if the fund share price falls by up to 10% and will lose 1.11111% for each 1% decline beyond 10%.

The notes (Cusip: 4042K1QZ9) will price on Oct. 28 and settle on Nov. 2.

HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the placement agent.

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