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HSBC plans 7% yield autocallables tied to SPDR S&P, iShares Russell
By Susanna Moon
Chicago, Jan. 26 – HSBC USA Inc. plans to price 7% autocallable yield notes due May 29, 2018 linked to the least performing of the SPDR S&P 500 ETF Trust and the iShares Russell 2000 exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly, with the exact rate to be set at pricing.
The notes will be called at par if each fund closes at or above its initial level on any quarterly call observation date beginning Aug. 24, 2017.
The payout at maturity will be par unless either fund ever closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing fund.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Feb. 23 and settle on Feb. 28.
The Cusip number is 40435C229.
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