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HSBC plans long short notes on MSCI EM & Euro Stoxx/S&P composite index
By Marisa Wong
Morgantown, W.Va., Jan. 12 – HSBC USA Inc. plans to price long short notes due February 2019 linked to the MSCI Emerging Markets & Euro Stoxx 50/S&P 500 Long Short index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a single coupon at maturity equal to 1% to 2% of par.
The composite index consists of a leveraged long position in the MSCI Emerging Markets index and the Euro Stoxx 50 index a short position in the S&P 500 index.
Each long component will have an initial weight of 100%, and the short component will have an initial weight of negative 100%.
The payout at maturity will be par of $10 plus the return of the composite index. If that return is negative, investors will receive less than par.
The final index level will be the average of the composite index’s closing levels on five trading days shortly before the maturity date.
BofA Merrill Lynch is the agent.
The notes are expected to price and settle in January.
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