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HSBC to price market-linked step-up autocallables on Russell 2000
By Sarah Lizee
Olympia, Wash., April 29 – HSBC USA Inc. plans to price 0% autocallable market-linked step-up notes due May 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on an annual observation date, the notes will be called at par plus a premium of 6.5% to 7.5% a year.
If the index finishes above the step-up level – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will be exposed to any index decline.
BofA Merrill Lynch is the agent.
The notes will price in May.
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