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HSBC plans trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 15 – HSBC USA Inc. plans to price 0% trigger autocallable contingent yield notes due March 20, 2020 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.9% to 8.9% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning Sept. 18, 2017.
The payout at maturity will be par plus the final coupon unless either index finishes below the downside threshold level, 70% of the initial level, in which case investors will lose 1% for every 1% decline of the worse performing index.
HSBC Securities (USA) Inc. and UBS Financial Services Inc. are the agents.
The notes will price on March 17.
The Cusip number is 40435D409.
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