Published on 3/3/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $32.23 million STEP Income Securities on Hewlett-Packard
New York, March 3 – HSBC USA Inc. priced $32.23 million of 7% STEP Income Securities due March 11, 2016 tied to Hewlett-Packard Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes at or above the step level of $37.15, 107% of the initial price, the payout at maturity will be par plus 4.90%. If the stock finishes at or above the initial share price but below the step level, the payout will be par. Investors will lose 1% for every 1% decline in the stock.
Merrill Lynch & Co. is the underwriter.
Issuer: | HSBC USA Inc.
|
Issue: | STEP Income Securities
|
Underlying stock: | Hewlett-Packard Co.
|
Amount: | $32,232,140
|
Maturity: | March 11, 2016
|
Coupon: | 7%
|
Price: | Par
|
Payout at maturity: | If stock finishes at or above the step level of $37.15, 107% of the initial price, par plus 4.90%; if stock finishes at or above initial share price but below step level, par; 1% loss for every 1% decline
|
Initial price: | $34.72
|
Pricing date: | Feb. 27
|
Settlement date: | March 5
|
Underwriters: | Merrill Lynch & Co.
|
Fees: | 1.75%
|
Cusip: | 40434F314
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.