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HSBC eyes autocallable contingent income barrier notes on indexes
By Sarah Lizee
Olympia, Wash., Sept. 23 – HSBC USA Inc. plans to price autocallable contingent income barrier notes due Oct. 1, 2029 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any coupon observation date beginning Sept. 28, 2020.
The payout at maturity will be par unless any index finishes below 75% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Sept. 25.
The Cusip number is 40435UXM1.
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