Published on 2/28/2018 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $7.85 million market-linked step-up notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., Feb. 28 – HSBC USA Inc. priced $7.85 million of 0% market-linked step-up notes due Feb. 28, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange.
If the index finishes above the step-up level – 108.31% 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 8.31%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $7,847,660
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Maturity: | Feb. 28, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains by up to the step-up level, par plus 8.31%; full exposure to any losses
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Initial level: | 2,703.96
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Step-up level: | 2,928.66, 108.31% of initial level
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Pricing date: | Feb. 22
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Settlement date: | March 1
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 40435M409
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