Published on 3/25/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.08 million 7% autocallable yield notes on S&P 500, Russell
By Jennifer Chiou
New York, March 25 – HSBC USA Inc. priced $1,079,000 of 7% autocallable yield notes due June 27, 2016 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning on Sept. 23, 2015, the notes will be called at par if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless either index finishes below its trigger level, 75% of its initial level, in which case investors will lose 1% for every 1% that the worst-performing index finishes below its initial level.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1,079,000
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Maturity: | June 27, 2016
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Coupon: | 7%; payable monthly
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Price: | Par
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Payout at maturity: | Par unless either index closes below 75% trigger level, in which case 1% loss for every 1% that worst-performing index finishes below initial level
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Call: | Automatically at par if both indexes close at or above their initial levels on any quarterly call observation date beginning on Sept. 23, 2015
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Initial index levels: | 2,104.42 for S&P 500 and 1,264.713 for Russell 2000
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Pricing date: | March 23
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Settlement date: | March 26
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Agent: | HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40433BD54
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