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HSBC plans step-down trigger autocallable notes on Russell, Stoxx
By Sarah Lizee
Olympia, Wash., May 15 – HSBC USA Inc. plans to price 0% step-down trigger autocallable notes due May 22, 2024 linked to the least performing of the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 10.2% to 10.85% if each index closes at or above its call level on any quarterly review date. The call level will be 100% of the initial level for the first 16 observation dates, stepping down to 75% of the initial level for the final date.
If the notes are not called, the payout at maturity will be par unless either index finishes below 75% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index from its initial level.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
The notes will price on May 17.
The Cusip number is 40436B667.
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