Published on 3/12/2021 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $24.81 million autocallable barrier notes with step-up premium on S&P 500
By Wendy Van Sickle
Columbus, Ohio, March 12 – HSBC USA Inc. priced $24.81 million of 0% autocallable barrier notes with step-up premium due March 12, 2024 linked to 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 the index closes at or above its initial level on any annual call observation date. The call premium is 9% per year.
If the notes are not called and the index finishes at or above its 80% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the index.
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 index: | S&P 500 index
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Amount: | $24,808,000
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Maturity: | March 12, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes at or above its 80% barrier level, par; otherwise, full exposure to losses
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Call: | At par plus a call premium of 9% per year if index closes at or above its initial level on any annual call date
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Initial index level: | 3,875.44
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Barrier value: | 3,100.352, 80% of initial level
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Pricing date: | March 9
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Settlement date: | March 12
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.25%
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Cusip: | 40438C3P4
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