By William Gullotti
Buffalo, N.Y., Dec. 6 – HSBC Bank plc priced $13.44 million of 12% STEP Income Securities due Dec. 13, 2024 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final share price is greater than or equal to the step level, 112% of the initial price, the payout at maturity will be par of $10 plus 2.85%.
If the final price is greater than or equal to the initial price but less than the step level, investors will receive par.
Investors will be fully exposed to any decline.
BofA Securities, Inc. is the agent.
Issuer: | HSBC Bank plc
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Issue: | STEP Income Securities
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Underlying stock: | Amazon.com, Inc.
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Amount: | $13,442,850
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Maturity: | Dec. 13, 2024
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Coupon: | 12%, payable quarterly
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Price: | Par of $10
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Payout at maturity: | If final stock price is greater than or equal to step level, par plus 2.85%; if final price is greater than or equal to initial price but less than step level, par; otherwise, 1% loss for every 1% decline from initial price
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Initial price: | $145.73
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Step level: | $163.22; 112% of initial price
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Pricing date: | Nov. 30
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Settlement date: | Dec. 7
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Agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 403954811
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