Published on 7/28/2014 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $162.57 million Accelerated Return Notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., July 28 – HSBC USA Inc. priced $162.57 million of 0% Accelerated Return Notes due Sept. 25, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 300% of the index return, subject to a maximum payout of par plus 10%. Investors will lose 1% for every 1% decline in the index.
BofA Merrill Lynch is the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $162,566,560
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Maturity: | Sept. 25, 2015
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index return is positive, par plus 300% of index return, subject to maximum payout of par plus 10%; 1% loss for every 1% that index declines
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Initial index level: | 1,987.98
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Final index level: | Average of index’s closing levels on five trading days ending Sept. 22, 2015
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Pricing date: | July 24
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Settlement date: | July 31
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 40434C212
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