Published on 11/27/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $375,000 income plus notes on stock basket
Chicago, Nov. 27 – HSBC USA, Inc. sold $375,000 of income plus notes due Oct. 26, 2026 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 at least 1.85%. If each stock closes above its initial level on the annual valuation date, investors will receive an additional 8.5% coupon, so 10.35%.
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: | $375,000
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Maturity: | Oct. 26, 2026
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Coupon: | 1.85% if any stock closes below initial level on annual observation date or 10.35% if all five stocks close above initial level on annual observation date; 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: | $11.77 for Ford, $249.77 for McDonald’s, $168.96 for Chevron, $42.91 for Pfizer, $269.46 for Home Depot
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Pricing date: | Oct. 20, 2022
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Settlement date: | Oct. 25, 2022
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.775%
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Cusip: | 40441XRN2
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