Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2.8 million contingent income barrier autocalls with memory on Apple
New York, March 26 – HSBC Bank plc priced $2.8 million of autocallable contingent income barrier notes with memory coupon due March 29, 2027 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.25%, paid quarterly, if the underlying stock closes at or above its 75% barrier level on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of the stock is greater than or equal to its initial level on any quarterly observation date starting on Sept. 25, 2024.
The payout at maturity will be par if the stock ends at or above its 75% barrier value. Otherwise, investors will lose 1% for every 1% that the stock declines.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC Bank plc
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Issue: | Autocallable contingent income barrier notes with memory coupon
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Underlying stock: | Apple Inc.
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Amount: | $2,803,000
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Maturity: | March 29, 2027
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Coupon: | 8.25%, paid quarterly, if the underlying stock closes at or above its 75% barrier level on the related quarterly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If stock finishes at or above the barrier level, par; otherwise, 1% loss for every 1% that stock declines from initial level
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Call: | Automatically at par if the closing level of the stock is greater than or equal to its initial level on any quarterly observation date starting on Sept. 25, 2024
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Initial level: | $171.37
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Barrier level: | $128.5275, 75% of initial level
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Pricing date: | March 21
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Settlement date: | March 26
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.5%
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Cusip: | 40442B6M4
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