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HSBC to price contingent income barrier notes linked to Russell index
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – HSBC USA Inc. plans to price contingent income barrier notes due Feb. 27, 2023 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at a rate of between 6.5% and 7.5% per year if the index closes at or above the interest barrier level, 70% of the initial level, on the review date for that period. The exact coupon will be set at pricing.
The payout at maturity will be par plus the final contingent interest payment, if any, unless the final index level is less than the 70% trigger level, in which case investors will lose 1% for each 1% decline.
HSBC Securities (USA) Inc. is the agent.
The notes (Cusip: 40433UN44) will price on Feb. 17 and settle Feb. 27.
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