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HSBC plans contingent income barrier notes linked to Russell 2000
By Marisa Wong
Morgantown, W.Va., March 23 – HSBC USA Inc. plans to price contingent income barrier notes due March 31, 2023 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of between 6.5% and 7.5% per year if the index closes at or above the coupon trigger level, 70% of the initial level, on a quarterly determination date. The exact coupon will be set at pricing.
The payout at maturity will be par unless the index falls by more than 30%, in which case investors will lose 1% for each 1% index decline.
HSBC Securities (USA) Inc. is the agent.
The notes will price March 24.
The Cusip number is 40433UT89.
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