New Issue: HSBC prices $5.55 million bear autocallable Stars linked to Invesco ETF

By William Gullotti

Buffalo, N.Y., Sept. 19 – HSBC Bank plc priced $5.55 million of bear autocallable Strategic Accelerated Redemption Securities due Sept. 27, 2024 linked to the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.

HSBC sold 554,924 units with a face amount of $10 each, for a total principal amount of $5,549,240. The issuer sold 300,000 units to an individual investor at $9.975 per unit and the remainder to the public at par of $10, for total proceeds of $5,541,740.

The notes will be automatically called at an annualized call premium of 38.05% if the closing level of the ETF is less than or equal to its initial level on any quarterly observation date after six months.

If the notes are not called, investors lose 1% for each 1% gain in the ETF.

BofA Securities, Inc. is the agent.

Issuer:	HSBC Bank plc
Issue:	Bear autocallable Strategic Accelerated Redemption Securities
Underlying fund:	Invesco QQQ Trust, Series 1
Principal amount:	$5,549,240
Proceeds:	$5,541,740
Maturity:	Sept. 27, 2024
Coupon:	0%
Price:	$9.975 per unit for 300,000 units; par of $10 for remainder
Payout at maturity:	If not called, 1% loss for each 1% gain of the ETF
Call:	At par plus 38.05% annualized if the closing level of the ETF is less than or equal to its initial value on any quarterly observation date after six months
Initial level:	$377.27
Pricing date:	Sept. 14
Settlement date:	Sept. 21
Agent:	BofA Securities, Inc.
Fees:	1% for 300,000 units; 1.25% for remainder
Cusip:	44328M187

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