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HSBC to price dual directional barrier notes tied to S&P, Russell
By Sarah Lizee
Olympia, Wash., Nov. 5 – HSBC USA Inc. plans to price 0% dual directional barrier securities due Nov. 20, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
If each index finishes at or above its initial value, the payout at maturity will be par plus the return of the lesser performing index, capped at par plus 15.5%.
If the lesser performing index declines but finishes at or above its trigger value, 66% of its initial value, the payout will be par plus the absolute return of the lesser performing index.
Otherwise, the notes offer full exposure to the decline of the lesser performing index.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Nov. 15.
The Cusip number is 40435UAE4.
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