Published on 4/25/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $15.53 million bear Strategic Accelerated Redemption Securities on S&P
By Wendy Van Sickle
Columbus, Ohio, April 25 – HSBC USA Inc. priced $15.53 million of bear Strategic Accelerated Redemption Securities due May 3, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at an annualized call premium of 34.55% if the closing level of the index is less than or equal to its initial level on any quarterly observation date after six months.
If the notes are not called, investors lose 1% for each 1% gain in the index.
BofA Securities, Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Bear Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500 index
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Amount: | $15,534,240
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Maturity: | May 3, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If not called, 1% loss for each 1% gain of the index
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Call: | At par plus 34.55% annualized if the closing level of the index is less than or equal to its initial value on any quarterly observation date after six months
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Initial level: | 4,129.79
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Pricing date: | April 20
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Settlement date: | April 25
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Agent: | BofA Securities, Inc.
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Fees: | 1.25%
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Cusip: | 44328M567
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