By Susanna Moon
Chicago, March 8 – HSBC USA Inc. priced $24.15 million of 0% autocallable 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.
The notes will be called at par plus an annual call premium of 6.1% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level – 130% 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 30%.
Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond the buffer.
BofA Merrill Lynch is the agent.
Issuer: | HSBC USA Inc.
|
Issue: | Autocallable market-linked step-up notes
|
Underlying index: | S&P 500
|
Amount: | $24,149,740
|
Maturity: | Feb. 26, 2024
|
Coupon: | 0%
|
Price: | Par of $10
|
Call: | At par plus 6.1% per year if the index closes at or above initial level on any annual observation date
|
Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains by up 30%, par plus 30%; par if index falls by up to 15%; exposure to any losses beyond 15%
|
Initial level: | 2,703.96
|
Step-up level: | 3,515.15, 130% of initial level
|
Pricing date: | Feb. 22
|
Settlement date: | March 1
|
Agent: | BofA Merrill Lynch
|
Fees: | 2%
|
Cusip: | 40435J240
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.