Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $8.08 million step down trigger autocallables tied to S&P, Euro Stoxx
By Devika Patel
Knoxville, Tenn., Dec. 24 – HSBC USA Inc. priced $8,075,140 of 0% step down trigger autocallable notes due Dec. 10, 2024 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus 10.8% per year if each index closes at or above its initial level on any quarterly observation date or they all close at or above the 75% downside threshold on Dec. 5, 2024.
If the notes are not subject to an automatic call, then the final level of at least one index will be less than its downside threshold and investors will be exposed to the decline of the lesser-performing index from its initial level.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the underwriters.
Issuer: | HSBC USA Inc.
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Issue: | Step down trigger autocallable notes
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Underlying indexes: | S&P 500 and Euro Stoxx 50
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Amount: | $8,075,140
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Maturity: | Dec. 10, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Full exposure to decline of lesser-performing index from initial level
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Call: | At par plus 10.8% per year if each index closes at or above its initial level on any quarterly observation date or each closes at or above downside threshold on Dec. 5, 2024
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Initial index levels: | 3,117.43 for S&P and 3,648.13 for Stoxx
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Downside thresholds: | 2,338.07 for S&P and 2,736.10 for Stoxx; 75% of initial levels
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Pricing date: | Dec. 5
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Settlement date: | Dec. 10
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Underwriters: | UBS Financial Services Inc. and HSBC Securities (USA) Inc.
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Fees: | None
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Cusip: | 40438B418
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