Published on 4/17/2020 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $11,000 digital dual directional barrier notes tied to Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 17 – HSBC USA Inc. priced $11,000 of 0% digital dual directional barrier securities due April 17, 2025 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the greater of the lesser-performing index’s return and 25%. Otherwise, investors will lose 1% for every 1% that the lesser-performing index’s final level is less than its initial level.
HSBC Securities (USA) Inc. is the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Digital dual directional barrier securities
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $11,000
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Maturity: | April 17, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par plus greater of lesser-performing index’s return and 25%; otherwise, 1% loss for every 1% that lesser-performing index’s final level is less than initial level
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Initial levels: | 2,846.06 for S&P 500, 1,237.333 for Russell 2000
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Barrier levels: | 1,992.242 for S&P 500, 866.1331 for Russell 2000, 70% of initial levels
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Pricing date: | April 14
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Settlement date: | April 17
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Underwriter: | HSBC Securities (USA) Inc.
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Fees: | 0%
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Cusip: | 40438CCQ2
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