Published on 8/25/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $492,000 9% autocallable yield notes linked to S&P 500, Russell 2000
By Susanna Moon
Chicago, Aug. 25 - HSBC USA Inc. priced $492,000 of 9% autocallable yield notes due Aug. 21, 2012 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each index closes at or above its initial level on Nov. 16, Feb. 16, 2012, May 16, 2012 or Aug. 16, 2012.
The payout at maturity will be par unless either index dips below 80% of its initial level during the life of the notes and finishes below its initial level, in which case investors will receive par plus the return of the worst-performing index.
HSBC Securities (USA) Inc.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $492,000
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Maturity: | Aug. 21, 2012
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Coupon: | 9%, payable quarterly
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Price: | Par
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Payout at maturity: | If either index finishes below its trigger level during life of notes and finishes below its initial level, par plus the return of the worst-performing index; otherwise, par
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Call: | Automatically at par if both indexes close at or above their initial levels on Nov. 16, Feb. 16, 2012, May 16, 2012 or Aug. 16, 2012
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Initial index levels: | 1,162.35 for S&P and 683.07 for Russell
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Trigger levels: | 929.88 for S&P and 546.46 for Russell; 80% of initial levels
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Pricing date: | Aug. 23
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Settlement date: | Aug. 26
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.1%
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Cusip: | 4042K1MB6
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