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HSBC plans airbag performance notes linked to PowerShares S&P 500 Low Volatility Portfolio ETF
By Toni Weeks
San Luis Obispo, Calif., March 5 - HSBC USA Inc. plans to price 0% airbag performance securities due March 29, 2018 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the fund return is positive, the payout at maturity will be par plus 140% to 150% of the return.
If the fund return is zero or negative and the final share price is greater than or equal to the 75% threshold level, the payout will be par.
If the fund falls by more than 25%, investors will lose 1.3333% for every 1% decline in the fund beyond the 25% buffer.
The notes (Cusip: 40433T166) are expected to price March 26 and settle March 28.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as agent.
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