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HSBC plans three-year market-linked step-up notes tied to S&P 500
By Susanna Moon
Chicago, Sept. 2 – HSBC USA Inc. plans to price market-linked step-up notes due September 2019 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up value – 115% to 121% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 15% to 21%.
Investors will receive par if the index falls by up to 5% and will be exposed to any losses beyond 5%.
BofA Merrill Lynch is the agent.
The notes will price in September and settle in October.
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