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HSBC plans callable notes with contingent return tied to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – HSBC USA Inc. plans to price callable notes with contingent return due Sept. 30, 2020 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at a rate of 6% to 7% a year if each index closes at or above 60% of its initial level on the observation date for that period.
The notes are callable semiannually at par plus any applicable coupon beginning March 30, 2017.
The payout at maturity will be par the final coupon, unless either index closes below negative 40%, in which case investors will be fully exposed to the loss of the lesser-performing index.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Sept. 23 and settle on Sept. 30.
The Cusip number is 40433UTJ5.
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