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HSBC plans autocallable barrier notes tied to S&P 500, Russell 2000
By Devika Patel
Knoxville, Tenn., Dec. 22 – HSBC USA Inc. plans to price autocallable barrier notes with contingent return due Dec. 29, 2027 linked to the lesser performing of 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 quarterly coupon at an annual rate of at least 6% if each index closes at or above its coupon trigger, 75% of the initial level, on a quarterly observation date. The exact coupon will be set at pricing.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning on Dec. 26, 2018.
The payout at maturity will be par plus the contingent coupon, if any, unless either index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
The notes (Cusip: 40435FNU7) will price on Dec. 26 and settle on Dec. 29.
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