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HSBC eyes autocallable barrier notes with step-up premium on Dow, S&P
By Sarah Lizee
Olympia, Wash., Aug. 26 – HSBC USA Inc. plans to price 0% autocallable barrier notes with step-up premium due Sept. 1, 2023 linked to the lesser performing of the Dow Jones industrial average and the S&P 500 index, 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 any quarterly observation date after six months. The premium is 9% 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.
The notes will price on Aug. 27.
The Cusip number is 40438CUB5.
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