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HSBC plans market-linked step-up autocallables on Nikkei Stock Average
By Marisa Wong
Morgantown, W.Va., Feb. 20 – HSBC USA Inc. plans to price 0% autocallable market-linked step-up notes due March 2021 linked to the Nikkei Stock Average index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 9.5% to 10.5% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level – 125% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 25%.
Investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in February and settle in March.
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