Published on 11/22/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC Bank prices $2.97 million contingent income barrier autocalls with memory on Nvidia
New York, Nov. 22 – HSBC Bank plc priced $2.97 million of autocallable contingent income barrier notes with memory coupon due Nov. 23, 2026 linked to the common stock of Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16.75%, paid quarterly, if the underlying stock closes at or above its 60% barrier level on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the stock closes at or above its initial level on any quarterly observation date starting on May 20, 2024.
The payout at maturity will be par if the stock ends at or above its 60% barrier value. Otherwise, investors will lose 1% for every 1% that the stock declines.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC Bank plc
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| Issue: | Autocallable contingent income barrier notes with memory coupon
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| Underlying stock: | Nvidia Corp.
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| Amount: | $2,972,000
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| Maturity: | Nov. 23, 2026
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| Coupon: | 16.75%, paid quarterly, if the underlying stock closes at or above its 60% barrier level on the related quarterly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above the barrier level, par; otherwise, 1% loss for every 1% that stock declines from initial level
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| Call: | Automatically at par if the stock closes at or above its initial level on any quarterly observation date starting on May 20, 2024
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| Initial level: | $492.98
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| Barrier level: | $295.788, 60% of initial level
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 22
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| Agent: | HSBC Securities (USA) Inc.
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| Fees: | 0%
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| Cusip: | 40442B4J3
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