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HSBC plans six-year income notes linked to 20 stocks with 0.5% floor
By Susanna Moon
Chicago, Aug. 17 – HSBC USA Inc. plans to price income notes due August 2022 linked to a basket of 20 common stocks, according to an FWP filing with the Securities and Exchange Commission.
The underlying companies are Apple Inc., Allergan plc, AutoNation, Inc., Anthem, Inc., Comcast Corp., Dover Corp., Facebook, Inc., Twenty-First Century Fox, Inc., Frontier Communications Corp., General Dynamics Corp., HP Inc., Eli Lilly and Co., Lam Research Corp., MetLife, Inc., Mylan NV, Newell Brands Inc., Paccar Inc., Qualcomm Inc., Simon Property Group, Inc. and AT&T Inc.
Interest is payable annually. If at least 14 of the 20 stocks close at or above their respective initial share prices on the relevant valuation date, the interest rate for that year will be 4.5% to 5.5%. Otherwise, it will be 0.5% for that year.
The payout at maturity will be par.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price in August and settle in September.
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