By Sarah Lizee
Olympia, Wash., April 20 – HSBC USA Inc. priced $2.66 million of 0% autocallable barrier notes with step-up premium due April 17, 2024 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium if each index closes at or above its initial level on the any annual observation date. The premium is 17.45% per year.
The payout will be par unless any index has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable barrier notes with step-up premium
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Underlying indexes: | S&P 500 index and Dow Jones industrial average
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Amount: | $2,655,000
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Maturity: | April 17, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless either index has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
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Call: | At par plus a call premium if each index closes at or above its initial level on any annual observation date; premium is 17.45% per year
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Initial index levels: | 2789.82 for S&P, 23719.37 for Dow
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Barrier levels: | 1952.874 for S&P, 16603.559 for Dow; 70% of initial levels
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Pricing date: | April 9
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Settlement date: | April 17
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Agent: | HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40438CDR9
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