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HSBC plans income plus notes on stock basket with 1% minimum coupon
By Toni Weeks
San Luis Obispo, Calif., Jan. 2 - HSBC USA Inc. plans to price income plus notes with minimum annual coupon due Jan. 29, 2021 linked to a basket of common stocks, according to an FWP filing with the Securities and Exchange Commission.
The underlying companies are Lorillard, Inc., Merck & Co., Inc., Microsoft Corp., Travelers Cos., Inc. and Verizon Communications Inc.
If every underlying stock closes at or above its initial level on an annual coupon valuation date, the coupon will be the minimum rate of 1% plus a performance-based coupon of at least 8.5%. The exact performance-based rate will be set at pricing. Otherwise, the notes will pay the minimum coupon of 1%. Interest will be payable annually.
The payout at maturity will be par.
The notes (Cusip: 40432XRR4) will price Jan. 24 and settle Jan. 29.
HSBC Securities (USA) Inc. is the agent.
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