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HSBC plans to price two-year autocallable notes tied to Russell 2000
By Toni Weeks
San Diego, Oct. 4 - HSBC USA Inc. plans to price autocallable notes due Oct. 31, 2013 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an expected call premium of 6% to 8% per year if the closing index level is at or above the initial level on a semiannual observation date. The exact call premium will be determined at pricing.
If the notes are not called and the index is at least 70% of the initial value on the final observation date, the payout at maturity will be par. Otherwise, investors will lose 1.42857% for every 1% index decline beyond 30%.
The notes (Cusip: 4042K1PP2) are expected to price Oct. 26 and settle Oct. 31.
HSBC Securities (USA) Inc. will be the agent.
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