Published on 3/23/2021 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $12.79 million trigger gears linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 23 – HSBC USA Inc. priced $12.79 million of 0% trigger gears due March 23, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.29 times the least performing index gain.
If the least performing index finishes at or below the initial level but at or above the downside threshold, 75% of the initial level, the payout will be par.
Otherwise, investors will be fully exposed to the least performing index decline.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as selling agent.
Issuer: | HSBC USA Inc.
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Issue: | Trigger gears
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Underlying indexes: | S&P 500 index and the Russell 2000 index
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Amount: | $12,787,800
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Maturity: | March 23, 2026
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1.29 times the least performing index gain; par if least performing index finishes flat or falls by up to 25%; otherwise, fully exposure to least performing index decline
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Initial index level: | 3,915.46 for S&P and 2,267.586 for Russell
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Downside threshold levels: | 2,936.6 for S&P and 1,700.69 for Russell, 75% of initial levels
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Pricing date: | March 18
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Settlement date: | March 23
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Underwriter: | HSBC Securities (USA) Inc. with UBS Financial Services Inc. as selling agent
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Fees: | 3.5%
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Cusip: | 40438U572
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