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HSBC plans five-year market-linked step-up autocallables on Stoxx 50
By Susanna Moon
Chicago, Aug. 24 – HSBC USA Inc. plans to price autocallable market-linked step-up notes due September 2022 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 7.5% to 8.5% if the index closes at or above the initial level on any of four annual observation dates. The exact call premium will be set at pricing.
If the notes are not called and the index finishes above the step-up value, 140% of the initial level, the payout at maturity will be par plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up return of 40%.
Investors will receive par if the index falls by up to 15% and will receive be exposed to any losses beyond 15%.
BofA Merrill Lynch is the agent.
The notes will price and settle in September.
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