Published on 2/15/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $2.22 million dual directional barrier notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Feb. 15 – HSBC USA Inc. priced $2.22 million of 0% dual directional barrier notes due Feb. 3, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its initial level, the payout at maturity will be par plus 1.25 times the return of the worst performing index.
If any index falls but none finish below the 80% trigger level, the payout will be par plus the absolute value of the return of the worst performing index.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Dual directional barrier notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $2,217,000
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Maturity: | Feb. 3, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index gains, par plus 1.25 times gain of worst performing index; if any index falls but none fall by more than 20%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
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Initial levels: | 4,076.6 for S&P, 1,931.945 for Russell
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Trigger levels: | 80% of initial levels
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Pricing date: | Jan. 31
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Settlement date: | Feb. 3
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Agent: | HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40441XZJ2
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