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HSBC plans trigger autocallable contingent yield notes on Stoxx, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – HSBC USA Inc. plans to price trigger autocallable contingent yield notes due Sept. 1, 2020 linked to the S&P 500 index and the Euro Stoxx 50 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% to 8% if each index closes at or above its 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.
The payout at maturity will be par plus the final coupon unless either index finishes below the 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 Sept. 15.
The Cusip number is 40435G253.
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