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HSBC plans 5.5% to 7.5% autocallable yield notes on S&P 500, Russell
By Jennifer Chiou
New York, March 6 - HSBC USA Inc. plans to price 5.5% to 7.5% autocallable yield notes due March 26, 2014 linked to the S&P 500 index and the Russell 2000 index, according to an FWP with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if the indexes close above their initial levels on any quarterly observation date beginning Sept. 26, 2013.
A trigger event will occur if either index closes below the 75% trigger level on any trading day during the life of the notes.
The payout at maturity will be par if each index finishes at or above its initial level, or never closes below the trigger level.
Otherwise, the payout will be par plus the return of the least performing index.
The notes (Cusip: 40432XCE9) are expected to price on March 21 and settle on March 26.
HSBC Securities (USA) Inc. will be the agent.
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