HSBC eyes barrier uncapped market participation securities on Russell, S&P

By Sarah Lizee

Olympia, Wash., Aug. 24 – HSBC USA Inc. plans to price 0% barrier uncapped market participation securities due Feb. 28, 2022 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

If the return of each index is positive, the payout at maturity will be par plus 110% of the least-performing index’s return.

If the return of the least-performing index is less than or equal to zero but greater than or equal to negative 20%, the payout will be par.

If the return of any index is less than negative 20%, investors will lose 1% for every 1% that the least-performing stock declines from its initial level.

HSBC Securities (USA) Inc. is the underwriter.

The notes will price on Aug. 26.

The Cusip number is 40438CSY8.

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