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HSBC to price 5%-6% autocallable yield notes linked to two indexes
By Toni Weeks
San Luis Obispo, Calif., May 2 - HSBC USA Inc. plans to price 5% to 6% autocallable yield notes due Dec. 1, 2014 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly. The exact coupon will be set at pricing.
The notes will be automatically called at par if each underlying index closes at or above its initial level on any quarterly call observation date beginning Dec. 2, 2013.
A trigger event occurs if the final value of either underlying index drops by more than 20% of its initial value during the life of the notes.
If the notes are not called, the payout at maturity will be par if a trigger event has not occurred or if it has and the return of the least-performing index is zero or positive. If a trigger event has occurred and the return of the least-performing index is negative, investors will be fully exposed to the decline of the least-performing index.
The notes (Cusip: 40432XFC0) are expected to price May 24 and settle May 30.
HSBC Securities (USA) Inc. is the underwriter.
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