Published on 7/13/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.66 million barrier absolute return market-linked notes on S&P
By William Gullotti
Buffalo, N.Y., July 13 – HSBC USA Inc. priced $1.66 million of 0% barrier absolute return market-linked notes with daily barrier observation due June 30, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the index closes above the upper barrier, 126% of the initial level, or below the lower barrier, 80% of the initial level, on any trading day during the life of the notes.
If a barrier event occurs, the payout at maturity will be par plus 5%.
If no barrier event occurs, investors will receive par plus the absolute value of the index return, subject to a minimum payout of par plus 5%.
HSBC Securities (USA) Inc. and UBS Financial Services Inc. are the agents.
Issuer: | HSBC USA Inc.
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Issue: | Barrier absolute return market-linked notes with daily barrier observation
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Underlying index: | S&P 500 index
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Amount: | $1,662,000
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Maturity: | June 30, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index closes above the upper barrier or below the lower barrier on any trading day during the life of the notes (a barrier event), par plus 5%; if index does not close above the upper barrier or below the lower barrier during the life of the notes, par plus the absolute value of the index return, subject to a minimum payout of par plus 5%
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Initial level: | 4,378.41
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Upper barrier: | 5,516.8; 126% of initial level
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Lower barrier: | 3,502.73; 80% of initial level
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Pricing date: | June 27
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Settlement date: | June 30
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Agents: | HSBC Securities (USA) Inc. and UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 40447ADT8
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