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HSBC plans 10.5%-11.5% contingent return callables tied to two funds
By Susanna Moon
Chicago, July 18 – HSBC USA Inc. plans to price callable barrier notes with contingent return due July 27, 2021 linked to the lesser performing of the SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annualized rate of 10.5% to 11.5% if each underlying index closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par on any review date after six months.
The payout at maturity will be par plus 10% unless either underlying asset finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on July 20 and settle on July 27.
The Cusip number is 40435FJ65.
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