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HSBC to price buffered accrual securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 8 - HSBC USA Inc. plans to price buffered accrual securities due March 30, 2017 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly. The interest payment per note will be $1,000 multiplied by the coupon rate divided by four. The coupon rate will be 6.5% multiplied by the proportion of days on which the index closes at or above the coupon barrier level, which will be 80% of the initial index level.
If the final index level is 80% or more of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
The notes (Cusip: 4042K1ZZ9) are expected to price March 27 and settle March 30.
HSBC Securities (USA) Inc. is the agent.
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