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HSBC to price contingent buffered notes on Industrial Select Sector
By Marisa Wong
Morgantown, W.Va., Dec. 13 – HSBC USA Inc. plans to price 0% contingent buffered notes due June 19, 2019 linked to the Industrial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the final price is less than the initial price by more than 15%.
If a knock-out event has not occurred, the payout at maturity will be par plus the ETF return, capped at 18.75%, subject to a minimum payout of par.
If a knock-out event has occurred, the payout will be par plus the ETF return, with full exposure to losses.
HSBC Securities (USA) Inc. is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
The notes will price Dec. 15.
The Cusip number is 40435FPD3.
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