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HSBC plans 7.4%-9.4% airbag autocallable yield notes linked to Vertex
By Susanna Moon
Chicago, Nov. 20 – HSBC USA Inc. plans to price 7.4% to 9.4% airbag autocallable yield optimization notes due Nov. 30, 2015 linked to Vertex Pharmaceuticals Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact interest rate will be set at pricing.
The notes will be called at par if Vertex shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Vertex shares equal to $1,000 divided by the conversion price. The conversion price will be 82% of the initial share price.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
The notes will price on Nov. 25 and settle on Nov. 28.
The Cusip number is 40434F868.
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