Published on 12/19/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC Bank prices $4.15 million 8% contingent income barrier autocalls with memory on indexes
New York, Dec. 19 – HSBC Bank plc priced $4.15 million of autocallable contingent income barrier notes with memory coupon due Dec. 21, 2026 linked to the S&P 500 index, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid semiannually, plus any previously unpaid coupons if each index closes at or above 70% of its initial level on the observation date for that semiannual period.
The payout at maturity will be par if the worst performing index ends at or above its 70% barrier value. Otherwise investors will lose 1% for every 1% that the worst performing index declines.
The securities will be called automatically starting on June 17, 2024 if the level of the worst performing index is greater than or equal to its initial level and on any subsequent determination date.
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 indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $4,152,000
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| Maturity: | Dec. 21, 2026
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| Coupon: | 8%, paid semiannually, plus any previously unpaid coupons if each index closes at or above barrier level on observation date for that semiannual period
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| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above the barrier level par; 1% loss for every 1% that worst performing index declines if it ends below barrier value
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| Call: | Automatically starting on June 17, 2024 if the level of the worst performing index is greater than or equal to its initial level and on any subsequent determination date
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| Initial levels: | 16,623.45 for Nasdaq-100, 1,985.127 for Russell 2000, 4,719.19 for S&P 500
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| Barrier levels: | 11,636.415 for Nasdaq-100, 1,389.5889 for Russell 2000, 3,303.433 for S&P 500, 70% of initial levels
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Agent: | HSBC Securities (USA) Inc.
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| Fees: | 1.5%
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| Cusip: | 40442B4R5
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