Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.37 million digital dual directional barrier notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., April 1 – HSBC USA Inc. priced $1.37 million of 0% digital dual directional barrier notes due April 1, 2024 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the lesser-performing index’s return is greater than or equal to negative 30%, the payout at maturity will be par plus the greater of the lesser-performing index’s return and 25%. Otherwise, investors will be fully exposed to the lesser-performing index’s decline from its initial level.
HSBC Securities (USA) Inc. is the underwriter.
Issuer: | HSBC USA Inc.
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Issue: | Digital dual directional barrier notes
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Underlying indexes: | Russell 2000 and S&P 500
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Amount: | $1,373,000
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Maturity: | April 1, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lesser-performing index’s return is greater than or equal to negative 30%, par plus greater of lesser-performing index’s return and 25%; if lesser-performing index’s return is less than negative 30%, 1% loss for every 1% that lesser-performing index’s final level is less than initial level
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Initial levels: | 2,818.46 for S&P 500 and 1,528.166 for Russell 2000
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Barrier levels: | 1,972.92 for S&P 500 and 1,069.716 for Russell 2000, or 70% of initial levels
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Pricing date: | March 26
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Settlement date: | March 29
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 3.75%
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Cusip: | 40435UHA5
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