Published on 6/29/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $3.86 million autocallable barrier notes with step-up premium on three indexes
By William Gullotti
Buffalo, N.Y., June 29 – HSBC USA Inc. priced $3.86 million of 0% autocallable barrier notes with step-up premium due June 28, 2028 linked to the lesser performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 13.5% annual call premium if each index closes at or above its initial level on any annual valuation date.
If the notes are not called, the payout will be par unless any index has finished below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable barrier notes with step-up premium
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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Amount: | $3.86 million
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Maturity: | June 28, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
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Call: | At par plus a 13.5% annual call premium if each index closes at or above its initial level on any annual valuation date
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Initial index levels: | 33,727.43 for Dow, 14,891.48 for Nasdaq, 1,821.635 for Russell
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Barrier levels: | 20,236.458 for Dow, 8,934.888 for Nasdaq, 1,092.981 for Russell; 60% of initial levels
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Pricing date: | June 23
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Settlement date: | June 28
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 0.5%
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Cusip: | 40447ACY8
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