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HSBC plans five-year market-linked step-up notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., Nov. 7 – HSBC USA Inc. plans to price 0% market-linked step-up notes due November 2021 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 level – 133% to 139% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 33% to 39%.
If the index falls by up to 10%, the payout will be par.
Investors will be exposed to any losses beyond 10%.
BofA Merrill Lynch is the agent.
The notes will price and settle in November.
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