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HSBC plans five-year buffered income notes linked to Russell 2000
By Jennifer Chiou
New York, Nov. 5 - HSBC USA Inc. plans to price buffered income plus notes due Nov. 29, 2018 linked to the Russell 2000 index, according to an FWP with the Securities and Exchange Commission.
If the index closes above the initial level on any annual observation date, the coupon will be the performance-based coupon of 5.25% to 5.5%, with the exact rate to be set at pricing. Otherwise, the coupon will be the minimum rate of 2%. Interest will be payable annually.
If the index falls by up to 20%, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 20%.
The notes (Cusip: 40432XNQ0) are expected to price on Nov. 26 and settle on Nov. 29.
HSBC Securities (USA) Inc. is the agent.
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