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HSBC plans to price three-year Stars tied to three financial stocks
By Susanna Moon
Chicago, July 23 – HSBC USA Inc. plans to price Strategic Accelerated Redemption Securities due July 2021 linked to the worst performing of the common stocks of Citigroup Inc., Goldman Sachs Group, Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 19% to 23% if each underlying stock closes at or above its initial level on any annual review date. The exact call premium will be set at pricing.
The payout at maturity will be par unless any stock falls, in which case investors will be exposed to any losses of the worst performing stock.
BofA Merrill Lynch is the agent.
The notes will price and settle in July.
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