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HSBC plans 11.3% contingent income barrier autocalls on three stocks
New York, May 14 – HSBC USA Inc. plans to price 11.3% autocallable contingent income barrier notes due June 1, 2021 linked to the least performing of the common stocks of AbbVie Inc., Netflix, Inc. and JPMorgan Chase & Co., according to an FWP filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of at least 11.3% if each stock closes at or above its coupon trigger, 50% of its initial share price, on the observation date for that month. The exact coupon will be set at pricing.
Starting on Nov. 30, 2018, the notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date prior to maturity.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% barrier, in which case investors will be fully exposed to the decline of the worst-performing stock.
HSBC Securities (USA) Inc. is the agent.
The notes will price on May 25 and settle on May 31.
The Cusip number is 40435FA98.
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