HSBC plans to price digital-plus barrier notes linked to S&P 500

By Marisa Wong

Madison, Wis., March 4 - HSBC USA Inc. plans to price 0% digital-plus barrier notes due March 28, 2019 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus the greater of the index return and the minimum upside return if the final index level is greater than or equal to the initial index level. The minimum upside return is expected to be 30% to 35% and will be set at pricing.

If the final index level is more than 70% of the initial index level but less than the initial level, the payout will be par. Investors will be fully exposed to the index's decline from the initial level if the final index level is 70% or less of the initial level.

HSBC Securities (USA) Inc. is the agent.

The notes will price on March 21 and settle on March 28.

The Cusip number is 40432XUA7.

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