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HSBC plans 7% autocallable yield notes tied to S&P 500, Russell 2000
New York, April 6 – HSBC USA Inc. plans to price 7% autocallable yield notes due Aug. 5, 2019 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly, with the exact coupon to be at least 7% and to be set at pricing.
Beginning Nov. 5, 2018, the notes will be automatically called at par of $1,000 plus the interest payment if each index closes at or above its initial level on any quarterly call date.
The payout at maturity will be par plus the final interest payment unless either index ends below its 70% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
The notes will price on April 30 and settle on May 3.
The Cusip number is 40435FYE1.
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