HSBC plans digital dual directional buffered notes tied to Russell, S&P

By Wendy Van Sickle

Columbus, Ohio, Sept. 7 – HSBC USA Inc. plans to price 0% digital dual directional buffered securities due Sept. 14, 2022 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If each index finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par plus the greater of the lesser-performing index’s return and the digital upside return, which is expected to be at least 43% and will be set at pricing. Otherwise, investors will lose 1.428% for every 1% that the final level of the lesser-performing index is less than its buffer level.

HSBC Securities (USA) Inc. is the underwriter.

The notes will price on Sept. 9 and settle on Sept. 14.

The Cusip number is 40433UVH6.

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