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HSBC plans capped knock-out buffer notes tied to stock basket via JPM
By Marisa Wong
Madison, Wis., July 27 - HSBC USA Inc. plans to price 0% capped knock-out buffer notes due Aug. 22, 2011 linked to a basket of stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket includes equal weights of Broadcom Corp., CA, Inc., Cisco Systems, Inc., Hewlett-Packard Co., IBM Corp., Marvell Technology Group Ltd., Oracle Corp., SanDisk Corp., Seagate Technology and Qualcomm Inc.
If the final basket level has decreased from the initial level by more than 25% during the life of the notes, the payout at maturity will be par plus the basket return. Otherwise, the payout will be par plus the greater of the basket return and the contingent minimum return of 2.5%.
In either case, the gain will be capped at 25%.
The notes (Cusip: 4042K03G8) will price on July 30 and settle on Aug. 4.
J.P. Morgan Securities Inc. is the agent.
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