Published on 5/17/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.16 million dual directional buffered notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., May 17 – HSBC USA Inc. priced $1.16 million of 0% dual directional buffered notes due May 18, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 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 the return of the least performing index capped at 25%.
If any index falls but none finish below the 81% buffer 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 performer beyond 19%.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Dual directional buffered notes
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $1,158,000
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Maturity: | May 18, 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 gain of least performing index, subject to a maximum payout of par plus 25%; if any index falls but none fall by more than 19%, par plus the absolute value of return of worst performer; otherwise, 1% loss for each 1% decline of worst performer below 19%
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Initial levels: | 4,124.08 for S&P, 1,740.849 for Russell
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Buffer levels: | 81% of initial levels
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Pricing date: | May 12
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Settlement date: | May 17
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Agent: | HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40447AAL8
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