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HSBC to price trigger return optimization notes linked to three funds
By Angela McDaniels
Tacoma, Wash., April 29 - HSBC USA Inc. plans to price 0% trigger return optimization securities due May 30, 2014 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the iShares MSCI Emerging Markets index fund with a 40% weight, the iShares MSCI EAFE index fund with a 30% weight and the SPDR Trust Series 1 with a 30% weight.
The payout at maturity will be par of $10 plus double any increase in the basket, subject to a maximum return of 33% to 38% that will be set at pricing. Investors will receive par if the basket falls by 25% or less and will be fully exposed to the decline from the initial level if the basket falls beyond 25%.
The notes (Cusip: 40433C825) are expected to price May 25 and settle May 31.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
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