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HSBC to price autocallable contingent income barrier notes on Russell
By Devika Patel
Knoxville, Tenn., Feb. 23 – HSBC USA Inc. plans to price autocallable contingent income barrier notes due March 2, 2021 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at a rate of at least 12.25% per year if the index closes at or above the interest barrier level, 80% of the initial level, on the review date for that period. The exact coupon will be set at pricing.
The notes will be automatically called at par plus the contingent coupon if the index closes at or above the initial level on any review date.
The payout at maturity will be par plus the final contingent interest payment, if any, unless the final index level is less than the 70% trigger level, in which case investors will be fully exposed to the index’s decline.
HSBC Securities (USA) Inc. is the agent.
The notes (Cusip: 40433UJS6) will price on Feb. 26 and settle March 2.
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