Published on 4/11/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $220,000 income plus notes with 6.5% potential coupon on stock basket
By Kiku Steinfeld
Chicago, April 11 – HSBC Bank USA, NA sold $220,000 income plus notes due Dec. 22, 2025 linked to the stocks of Ford Motor Co., McDonald’s Corp., Chevron Corp., Pfizer Inc. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable annually. The interest rate will be 3% plus (a) 3.5% if each basket stock closes at or above its initial price on the annual valuation date for that year or (b) 0% otherwise.
The payout at maturity will be par plus the last coupon payment.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Income plus notes
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Underlying stocks: | Ford Motor Co., McDonald’s Corp., Chevron Corp., Pfizer Inc., Home Depot, Inc.
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Amount: | $220,000
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Maturity: | Dec. 22, 2025
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Coupon: | 3% plus (a) 3.5% if each basket stock closes at or above its initial price on the valuation date for that year or (b) 0% otherwise; payable annually
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Price: | Par
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Payout at maturity: | Par plus final coupon
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Initial levels: | $11.69 for Ford, $265.83 for McDonald’s, $169.88 for Chevron, $51.36 for Pfizer, $317.33 for Home Depot
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Pricing date: | Dec. 19
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Settlement date: | Dec. 22
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.525%
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Cusip: | 40441XXJ4
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