Published on 1/19/2024 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $4.36 million autocallable memory income barrier notes on three stocks
New York, Jan. 19 – HSBC Bank plc priced $4.36 million of autocallable contingent income barrier notes with memory coupon due Jan. 19, 2027 linked to the common stocks of Microsoft Corp., Micron Technology, Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16.65%, paid monthly, if each underlying stock closes at or above its 60% barrier level on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of the worst performing stock is greater than or equal to its initial level on any monthly observation date starting on January 15, 2025.
The payout at maturity will be par if the worst performing stock ends at or above its 60% barrier value. Otherwise, investors will lose 1% for every 1% that the worst performing 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 stocks: | Microsoft Corp., Micron Technology, Inc. and Nvidia Corp.
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| Amount: | $4,361,000
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| Maturity: | Jan. 19, 2027
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| Coupon: | 16.65%, paid monthly, if each underlying stock closes at or above its 60% barrier level on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above the barrier level, par; otherwise, 1% loss for every 1% that worst performing stock declines from initial level
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| Call: | Automatically at par if the closing level of the worst performing stock is greater than or equal to its initial level on any monthly observation date starting on January 15, 2025
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| Initial levels: | $82.39 for Micron Technology, $388.47 for Microsoft, $547.10 for Nvidia
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| Barrier levels: | $49.434 for Micron Technology, $233.082 for Microsoft, $328.26 for Nvidia, 60% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | HSBC Securities (USA) Inc.
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| Fees: | 0%
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| Cusip: | 40442B4Z7
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