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HSBC plans 10-year contingent income barrier notes linked to S&P 500
By Susanna Moon
Chicago, Nov. 8 - HSBC USA Inc. plans to price contingent income securities due Nov. 20, 2023 linked to S&P 500 index, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5% if the index closes at or above the 50% barrier level on a determination date for that quarter.
If the index finishes at or above the 50% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will be fully exposed to any losses.
HSBC Securities (USA) Inc. is the agent. Morgan Stanley Wealth Management will handle distribution.
The notes will price on Nov. 15 and settle on Nov. 20.
The Cusip number is 40434B784.
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