Published on 9/6/2020 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $3.07 million buffered return enhanced notes on tech fund
By Marisa Wong
Los Angeles, Sept. 8 – HSBC USA Inc. priced $3.07 million of 0% buffered return enhanced notes due Aug. 31, 2022 linked to the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus 2 times the gain, capped at par plus 24%.
If the ETF declines by up to 10%, the payout will be par. Investors will lose 1.1111% for each 1% decline beyond 10%.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | HSBC USA Inc.
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Issue: | Buffered return enhanced notes
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Underlying ETF: | Technology Select Sector SPDR fund
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Amount: | $3,073,000
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Maturity: | Aug. 31, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 2 times any ETF gain, capped at par plus 24%; par if the ETF declines by up to 10%; 1.1111% loss for each 1% decline beyond 10%
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Initial value: | $121.99
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Final value: | Average of ETF closing values on each of five trading days ending Aug. 26, 2022
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 40438CRE3
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