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HSBC to price contingent income barrier notes tied to Russell 2000
By Toni Weeks
San Luis Obispo, Calif., Dec. 2 – HSBC USA Inc. plans to price contingent income barrier notes due Dec. 29, 2020 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.25% to 6.75% if the index closes above the coupon trigger, 70% of the initial level, on the determination date for that quarter. The exact coupon will be set at pricing.
If the index return is negative 30% or more, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
The notes (Cusip: 40433BUG1) are expected to price Dec. 19 and settle Dec. 29.
HSBC Securities (USA) Inc. is the agent.
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