Published on 4/1/2021 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $5 million step down trigger autocalls on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, April 1 – HSBC USA Inc. priced $5 million of 0% step down trigger autocallable notes due March 13, 2024 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
After one year, the notes will be called at par $10 plus 9.57% annualized if each index closes at or above its initial level on any quarterly review date or at or above its 70% downside threshold on the final valuation date.
Otherwise, the payout will be par plus the return of the worst performing index with full exposure to any losses.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
Issuer: | HSBC USA Inc.
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Issue: | Step down trigger autocallable notes
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Underlying indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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Amount: | $5 million
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Maturity: | March 13, 2024
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Coupon: | 0%
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Price: | Par of $10
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Call: | After one year, at par plus 9.57% annualized if each index closes at or above its initial level on any quarterly review date or at or above its downside threshold on final valuation date
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Payout at maturity: | 1% for each 1% decline of worst performing index
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Initial index levels: | 3,821.35 for S&P, 2,202.985 for Russell and 31,802.44 for Dow
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Downside thresholds: | 2,674.945 for S&P 1,542.0895 for Russell and 22,261.708 for Dow; 70% of initial levels
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Pricing date: | March 8
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Settlement date: | March 11
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Agents: | HSBC Securities (USA) Inc. and UBS Financial Services Inc.
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Fees: | 0.5%
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Cusip: | 40438U655
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