HSBC plans 10%-12% autocallable yield notes on metals fund, Russell

By Susanna Moon

Chicago, July 16 - HSBC USA Inc. plans to price 10% to 12% autocallable yield notes due Aug. 6, 2013 linked to the SPDR S&P Metals & Mining exchange-traded fund and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly. The exact rate will be set at pricing.

The notes will be called at par if each underlying component closes at or above its initial level on any of four quarterly dates: Nov. 1, Feb. 1, 2013, May 1, 2013 and Aug. 1, 2013.

The payout at maturity will be par unless either component dips below the 60% trigger level during the life of the notes and finishes below the initial level, in which case investors will receive par plus the return of the worst-performing component.

HSBC Securities (USA) Inc. is the underwriter.

The notes will price on July 31 and settle on Aug. 3.

The Cusip number is 4042K1Y64.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.