Published on 3/6/2012 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.55 million 7.4% callable yield notes on S&P, Russell
By Susanna Moon
Chicago, March 6 - HSBC USA Inc. priced $1.55 million of 7.4% callable yield notes due May 24, 2013 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 are callable at par on any interest payment date.
The payout at maturity will be par unless either index finishes below the 70% knock-in level, in which case investors will receive par plus the return of the worst-performing index.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1,551,000
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Maturity: | May 24, 2013
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Coupon: | 7.4%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either index falls by more than 30%, in which case par plus return of worst-performing index
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Initial levels: | 1,369.63 for S&P, 802.42 for Russell
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Knock-in level: | 958.74 for S&P, 561.69 for Russell; 70% of initial levels
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Call option: | At par on any quarterly interest payment date
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Pricing date: | March 2
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Settlement date: | March 7
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.5%
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Cusip: | 4042K1XX6
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