By William Gullotti
Buffalo, N.Y., Sept. 28 – HSBC USA Inc. priced $1.99 million of 0% autocallable market-linked step-up notes due Sept. 27, 2024 linked to the iShares Global Clean Energy ETF, according to a 424B2 with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 9.95% if the ETF closes at or above its initial level on any annual call date.
If the ETF finishes above the step-up value, 130% of the initial level, the payout at maturity will be par of $10 plus the ETF gain.
If the ETF finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Otherwise, investors will lose 1% for every 1% decline of the ETF from its initial level.
BofA Securities, Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable market-linked step-up notes
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Underlying ETF: | iShares Global Clean Energy ETF
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Amount: | $1,988,510
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Maturity: | Sept. 27, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the ETF finishes above the step-up level, par plus the ETF gain; if the ETF finishes flat or gains up to the step-up level, par plus 30%; otherwise, 1% loss for every 1% decline from the ETF’s initial level
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Call: | At par plus 9.95% per year if the ETF closes at or above its initial level on any annual observation date
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Initial level: | $22.69
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Step-up value: | $29.50; 130% of initial level
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Pricing date: | Sept. 23
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Settlement date: | Sept. 30
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 40438Q142
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