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HSBC plans 10.5% contingent income autocalls tied to General Mills
By Susanna Moon
Chicago, July 18 – HSBC USA Inc. plans to price autocallable contingent income barrier notes due July 23, 2021 linked to General Mills, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of at least 10% if the stock closes at or above the 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any of the second through 11th determination dates.
The payout at maturity will be par unless the underlying stock finishes below its 80% trigger level, in which case investors will be fully exposed to any losses.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on July 20 and settle on July 25.
The Cusip number is 40435X769.
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