Published on 11/18/2019 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $3.1 million 5.75% trigger callable yield notes linked to three funds
By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – HSBC USA Inc. priced $3.1 million of 5.75% trigger callable yield notes due Nov. 17, 2021 linked to the least performing of the Invesco QQQ Trust, Series 1, the SPDR S&P 500 ETF trust and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par unless any fund finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst performing fund.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
Issuer: | HSBC USA Inc.
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Issue: | Trigger callable yield notes
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Underlying funds: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF trust and iShares Russell 2000 ETF
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Amount: | $3.1 million
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Maturity: | Nov. 17, 2021
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Coupon: | 5.75%, payable quarterly
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Price: | Par
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Call option: | At par on any coupon payment date
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Payout at maturity: | If each fund finishes at or above trigger level, par; otherwise, full exposure to any losses of worst performing fund
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Initial levels: | $201.54 for QQQ, $309.00 for S&P ETF, $158.83 for Russell ETF
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Trigger levels: | $120.92 for QQQ, $185.40 for S&P ETF, $95.30 for Russell ETF; 60% of initial levels
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Pricing date: | Nov. 12
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Settlement date: | Nov. 15
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Agents: | UBS Financial Services Inc. and HSBC Securities (USA) Inc.
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Fees: | 1%
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Cusip: | 40438B525
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