Published on 2/28/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.47 million dual directional buffered notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., Feb. 28 – HSBC USA Inc. priced $1.47 million of 0% dual directional buffered notes due Nov. 29, 2024 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the least performing index capped at 32%.
If any index falls but none finish below the 90% buffer level, the payout will be par plus the absolute value of the return of the worst performing index.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 10%.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Dual directional buffered notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,473,000
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| Maturity: | Nov. 29, 2024
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If each index gains, par plus gain of least performing index, subject to a maximum payout of par plus 32%; if any index falls but none fall by more than 10%, par plus the absolute value of return of worst performer; otherwise, 1% loss for each 1% decline of worst performer below 10%
|
| Initial levels: | 4,012.32 for S&P, 1,908.093 for Russell
|
| Buffer levels: | 90% of initial levels
|
| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 2%
|
| Cusip: | 40441XJ84
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