Please see “Risk Factors” in the applicable disclosure supplement and underlying supplement and “Selected Risk Considerations” in the term sheet for additional information. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which HSBC Securities USA Inc. This preliminary pricing supplement is not an offer. The Reference Asset may reflect transaction costs and fees that are not included in the calculation of the underlying index. We reserve the right to change the terms of, or reject any offer to purchase the securities prior to their issuance. Investors may redeem the ETNs in blocks of no less than , securities and multiples of 50, securities thereafter, subject to the procedures described in the pricing supplement.

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Preliminary Pricing Supplement No. All historical prices are denominated in U. Investing in the securities involves a number of risks. If the Valuation Date for any Underlying is postponed as a result of a market disruption event as described in the accompanying product supplement or because the scheduled Valuation Date is not an underlying business day for any Underlying, then the Maturity Date will be postponed to the fifth business day following the latest Valuation Date for any Underlying.

The Notes will not bear interest. Under one approach, the Notes should be treated as pre-paid executory contracts with respect to the Reference Asset. Unless redeemed earlier, interest will be paid quarterly in arrears at the Applicable Rate per annum on February 3,May 3,August 3, and the Maturity Date, subject to the modified following business day convention.

This in turn could adversely impact the market value of the Notes and decrease the amount payable at maturity.

No interest will accrue or be payable following an Early Redemption. Different pricing models and assumptions could provide valuations for the Notes that are different from our Estimated Initial Value. Accordingly, it is possible that regulations or other guidance could provide that a U.


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Instead, the Redemption Amount payable at maturity depends on the lowest performing of the two Underlyings to which the securities are linked. The securities are not designed to be short-term trading instruments. If the determination of the closing level for any Underlying on an Observation Date other than the Valuation Date is postponed as a result of a market disruption event as described above to a date on or after the corresponding Interest Payment Date, then such corresponding Interest Payment Date will be postponed to the business day following the latest date to which such determination is so postponed for any Underlying.

Any of these factors may have an adverse impact on the price of the Reference Asset. There is limited anti-dilution protection — The calculation agent will adjust the Final Price, for certain events affecting the shares of the Reference Asset, such as stock splits and corporate actions which may affect the price of the Reference Asset.

The quotient, expressed as a percentage, calculated as follows: The market value of the Notes at any time will reflect many factors and cannot be predicted with accuracy.

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However, it is under no obligation to make a market in the Notes and may discontinue any market-making activities at any time without notice. Investing in the ETNs is not equivalent to a direct investment in the Index or index components because the current principal amount of the ETNs is reset each month, kq in the compounding of monthly returns.

As a result of the difference between our internal funding rate and the rate we would use when we issue conventional fixed or floating rate debt securities, the Estimated Initial Value of the Notes may be lower if it were based on the prices at which our fixed or floating rate debt securities trade in the secondary market.

The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Fny in the secondary market if kq exists at any time.


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Despite the foregoing, U. Investors are dependent on our ability to pay all amounts due on the securities and, therefore, investors are subject to our credit risk. Credit Suisse or its affiliates intends to offer to purchase the securities in the secondary market fny is not required to do so. All disclosures contained in this pricing supplement regarding the Reference Asset, including its make-up, performance, method of calculation and changes in its components, where applicable, are derived from publicly available information.

If the closing level of either Underlying is less than or equal to its Knock-In Level on any trading day for that Underlying during any Observation Period, and the closing level of the Lowest Performing Underlying on the Valuation Date is less than its Initial Level, then you will lose money on your investment.

Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Initial Level ka SPX. It is possible that such hedging or trading activities of ours or our affiliates could result in substantial returns for us or our affiliates while the value of the Notes decline. You may get these documents for free by visiting powersharesetns.

The return on the Notes at maturity is linked to the performance of the Reference Asset and will depend on whether, and the extent to which, the Reference Return is positive or negative.

Filed Pursuant to Rule b 2 Registration No. The Redemption Amount you will be entitled to receive will depend on the individual performance of each Underlying and whether a Knock-In Event occurs. Under the terms and subject to the conditions contained in a distribution agreement dated May 7,as amended, which ks refer to as the distribution agreement, we have agreed to sell the securities to CSSU.

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