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HSBC plans income plus notes on five stocks with 6% potential coupon
By Tali Rackner
Norfolk, Va., May 13 – HSBC USA Inc. plans to price income plus notes due May 31, 2023 linked to five common stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the common stocks of Cisco Systems, Inc., International Business Machines Corp., Merck & Co., Inc., Procter & Gamble Co. and Verizon Communications, Inc.
The interest rate will be 1% plus (a) 5% if each basket stock closes at or above its initial share price on the valuation date for that year; or (b) 0% otherwise. Interest is payable annually.
The payout at maturity will be par plus the last coupon payment.
HSBC Securities (USA) Inc. is the agent.
The notes will price on May 25 and settle on May 31.
The Cusip number is 40433ULR5.
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