HSBC plans five-year buffered digital notes with no cap linked to Dow

By Susanna Moon

Chicago, Sept. 7 – HSBC USA Inc. plans to price 0% buffered digital notes due Sept. 30, 2021 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par plus greater of any gain and the digital upside return of 20% to 25%. The exact digital return will be set at pricing.

Investors will receive par if the index falls by up to 20% and will be exposed to any losses beyond 20%.

HSBC Securities (USA) Inc. is the underwriter.

The notes will price on Sept. 27 and settle on Sept. 30.

The Cusip number is 40433UUH7.

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