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HSBC plans trigger phoenix autocallables on Energy Select Sector SPDR
By Wendy Van Sickle
Columbus, Ohio, Nov. 19 – HSBC USA Inc. plans to price trigger phoenix autocallable optimization securities due Nov. 30, 2017 linked to the Energy Select Sector SPDR fund, according to an FWP filed with the Securities and Exchange Commission.
If the fund closes at or above the trigger price, 75% of the initial price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 8% to 10% per year. Otherwise, no coupon will be paid that quarter. The exact coupon will be set at pricing.
If the fund closes at or above the initial price on a quarterly observation date beginning Feb. 25, 2016, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the fund finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to decline.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
The notes will price on Nov. 25 and settle on Nov. 30.
The Cusip number is 40434K453.
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