Published on 7/10/2020 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $820,000 contingent buffered notes on Lennar
By Wendy Van Sickle
Columbus, Ohio, July 10 – HSBC USA Inc. priced $820,000 of 0% contingent buffered notes due July 20, 2021 linked to the common stock of Lennar Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the stock is greater than or equal to its knock-out buffer level, 70% of its initial level, the payout at maturity will be par plus 17.75%.
Otherwise, investors will lose 1% for every 1% that the stock declines from its initial level.
JPMorgan is the placement agent.
Issuer: | HSBC USA Inc.
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Issue: | Contingent buffered notes
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Underlying stock: | Lennar Corp.
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Amount: | $820,000
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Maturity: | July 20, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final stock level is greater or equal to 70% of its initial level, $1,177.50 for each $1,000 of notes; otherwise, 1% loss for every 1% decline from initial level
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Initial stock level: | $60.17
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Final level: | Average of closing levels on five trading days ending July 15, 2021
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Pricing date: | July 2
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Settlement date: | July 8
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Placement agent: | JPMorgan
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Fees: | 1%
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Cusip: | 40438CPT2
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