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HSBC to sell five-year market-linked step-up autocallables on Russell
By Devika Patel
Knoxville, Tenn., Jan. 28 – HSBC USA Inc. plans to price autocallable market-linked step-up notes due February 2021 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at an annual call premium of 7.5% to 34% if the index closes at or above its initial level on any of the four annual observation dates.
If the index finishes above the step-up value – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond the 15% threshold.
Merrill Lynch, Pierce, Fenner & Smith Inc. and HSBC Securities (USA) Inc. are the agents.
The notes will price in February and settle in March.
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