Published on 7/26/2013 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2.28 million 6% autocallable yield notes on S&P 500, Russell
By Susanna Moon
Chicago, July 26 - HSBC USA Inc. priced $2.28 million of 6% autocallable yield notes due Oct. 29, 2014 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 monthly.
The notes will be called at par if each index closes at or above its initial level on any quarterly call observation date beginning Jan. 24, 2014.
The payout at maturity will be par unless either index closes below its trigger level - 70% of its initial level - on any day during the life of the notes and the return of the worse performing index is negative, in which case investors will receive par plus the return of the worse performing index.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $2,288,000
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Maturity: | Oct. 29, 2014
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Coupon: | 6%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless either index falls below trigger level during life of notes and return of worse performing index is negative, in which case par plus return of worse performing index
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Call: | At par if both indexes close at or above their initial levels on any quarterly call observation date beginning Jan. 24, 2014
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Initial index levels: | 1,685.94 for S&P and 1,043.83 for Russell
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Trigger levels: | 70% of initial levels
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Pricing date: | July 24
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Settlement date: | July 29
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Agent: | HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40432XHG9
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