If the securities have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with respect to the securities. The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the Original Issue Date of the securities based on changes in market conditions and other factors that cannot be predicted. You should understand the risks of investing in the securities and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the securities in light of your particular financial circumstances and the information set forth in this free writing prospectus and the accompanying prospectus supplement, prospectus and relevant underlying supplement. They do not purport to be representative of every possible scenario concerning increases or decreases in the value of the relevant Reference Asset relative to its Initial Value. The securities are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party.

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The following graph sets forth the historical performance of the SPX based on the daily historical closing levels from June 25, through June 25, If the securities have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with vwctor to the securities.

Risks associated with non-U. The following graph sets forth the historical performance of the RTY based on cector daily historical closing levels from June 25, through June 25, The following table and examples assume the following:. The securities will not bear interest. The relevant Reference Return is The Equity Index Underlying Supplement at: Additional Terms of the Notes.


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Notice to EEA Investors. Even if the value of the Reference Asset appreciates prior to the Final Valuation Date but then decreases on the Final Valuation Date to a value that is less than the Initial Value, the Payment at Maturity will be less, and may be significantly less, than it would have been had the Payment at Maturity been linked to the value of the Reference Asset prior to such ggvc.

We intend to treat the securities consistent with this vectoor. Hypothetical Return on the Securities. Changes that affect the relevant Reference Asset will affect the market value of the securities and the amount you will receive at maturity.

Direct or indirect government intervention to stabilize the relevant foreign securities markets, as well as cross shareholdings in foreign companies, may affect trading levels or prices and volumes in those markets. The Estimated Initial Value will reflect the implied borrowing rate we use to issue market-linked securities, as well as the mid-market value of the embedded derivatives in the securities.

You may also obtain:. Information about each Reference Asset. Any sale of the securities prior to maturity could result in a loss to you.

The assumptions we have made in connection with the illustrations set forth below may not reflect actual events. We reserve the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. Description of Purchase Contracts. Investment in the securities involves certain risks.

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Pursuant to the terms of the securities, you agree to treat the securities under this approach for all U. The actual Maximum Cap for each offering of securities will be determined on the Pricing Date. You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with a similar credit rating.


Historical Performance of the SPX. Different pricing models and assumptions could provide valuations for the securities that are different from our Estimated Initial Value. In that case, the scheduled trading day immediately preceding the date of acceleration will be used as k33d Final Valuation Cector for purposes of determining the Reference Return, and the accelerated maturity date will be three business days after the accelerated Final Valuation Date.

Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. It is possible that this trading activity will affect the value of the Index and the securities. The securities may not be suitable for you if:. An investment in the securities is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its obligations as they become due, you may not receive the full Payment at Maturity of the securities.

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In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would expect the economic terms of the securities to be more favorable to you.

Federal Income Tax Considerations. The numbers appearing in the table below and following examples have been rounded for ease of analysis.