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HSBC plans to price market-linked step-up notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., Feb. 24 – HSBC USA Inc. plans to price market-linked step-up notes due February 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, 146% to 152% of the initial value, the payout at maturity will be par of $10 plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the 46% to 52% step-up payment.
Investors will lose 1% for every 1% index decline below the initial level.
BofA Merrill Lynch is the agent.
The notes are expected to price in February and settle in March.
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