匯豐賣Apple投資產品

http://www.bloomberg.com/news/2012-03-19/hsbc-sells-largest-structured-note-tied-to-apple-in-14-months.html

HSBC Holdings Plc (HSBA), Europe’s biggest bank, sold $35.3 million in structured notes tied to Apple Inc. (AAPL), the largest such offering in the U.S. in almost 14 months.
The one-year securities, issued through the firm’s HSBC USA Inc. unit, return 7 percent annually with investors at risk of losing their principal if shares of the world’s largest company by market value fall by more than 7.6 percent, according to a prospectus filed with the U.S. Securities and Exchange Commission. Bank of America Corp. (BAC) distributed the notes for a 1.75 percent fee.

有關產品明年4月1日到期，年期約一年，行使價540.11美元，較星期一蘋果收市價低大約一成。

只要蘋果股價到期前，沒跌穿行使價，投資者則可取回全部本金，以及佔本金百分之7.19的利息，但本金不會隨蘋果股價上升增值。即是說，最高回報只是百分之7.19。若蘋果股價跌穿這個行使價，投資者將會損失部分本金，股價跌得越多，有關損失越大，但投資者仍可以取得佔本金百分之7.19利息，以彌補部分虧損，因此持有票據所承受的下跌損失，較持有正股為細。