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HSBC plans contingent income autocallable notes tied to salesforce.com
By Devika Patel
Knoxville, Tenn., July 15 – HSBC USA Inc. plans to price contingent income autocallable securities due July 25, 2019 linked to salesforce.com, inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of at least 9.1% if the shares close at or above the 80% downside threshold level on the observation date for that quarter. The exact coupon will be set at pricing.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any of the first 11 determination dates.
The payout at maturity will be par plus the final coupon unless the shares finish below the 80% downside threshold level, in which case investors will lose 1% for each 1% decline.
HSBC Securities (USA) Inc. is the agent with Morgan Stanley Wealth Management handling distribution.
The notes (Cusip: 40434V434) will price on July 22 and settle July 27.
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