By Angela McDaniels
Tacoma, Wash., Sept. 11 – HSBC USA Inc. priced $1 million of 0% knock-out buffer notes due Sept. 14, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event will occur if the final index level is less than the initial index level by more than 35%.
If a knock-out event has not occurred, the payout at maturity will be par plus 123.75% of the index return, subject to a minimum payout of par. If a knock-out event has occurred, investors will be fully exposed to the index’s decline from its initial level.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Knock-out buffer notes
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Underlying index: | S&P 500
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Amount: | $1 million
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Maturity: | Sept. 14, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is less than initial index level by more than 35%, full exposure to index’s decline; otherwise, par plus 123.75% of index return, subject to minimum payout of par
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Initial level: | 1,942.04
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Pricing date: | Sept. 9
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Settlement date: | Sept. 14
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Underwriter: | HSBC Securities (USA) Inc.
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3%
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Cusip: | 40433UAF3
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