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HSBC eyes callable note with contingent return linked to S&P, Russell
By Devika Patel
Knoxville, Tenn., Oct. 17 – HSBC USA Inc. plans to price callable notes with contingent return due Oct. 27, 2020 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7% to 8% if each index closes at or above its 70% coupon trigger level on the observation date for that period. The exact coupon will be set at pricing.
The notes are callable at par plus any contingent coupon on any semiannual call date beginning on April 27, 2018.
The payout at maturity will be par plus the final coupon unless either index finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.
HSBC Securities (USA) Inc. is the agent.
The notes (Cusip: 40435FGR2) will price on Oct. 20 and settle on Oct. 27.
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