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HSBC plans six-year contingent income barrier notes tied to Russell
By Susanna Moon
Chicago, Aug. 11 – HSBC USA Inc. plans to price contingent income barrier notes due Aug. 25, 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 an annualized rate of 5.75% to 6.25% if the index closes at or above the 80% downside threshold on a determination date for that quarter.
The payout at maturity will be par unless the index finishes below the 70% downside threshold, in which case investors will be fully exposed to any losses.
HSBC Securities (USA) Inc. is the agent, with Morgan Stanley Wealth Management handling distribution.
The notes will price on Aug. 18 and settle on Aug. 25.
The Cusip number is 40435FCW5.
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