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HSBC plans autocallable barrier notes tied to S&P 500, Russell 2000
By Wendy Van Sickle
Columbus, Ohio, March 24 – HSBC USA Inc. plans to price autocallable barrier notes with contingent return due June 29, 2018 linked to the lesser performing of 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 contingent quarterly coupon at an annual rate of at least 5.5% if each index closes at or above its coupon trigger, 70% of the initial level, on a quarterly observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning Sept. 26, 2017.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
HSBC Securities (USA) Inc. is the agent.
The notes will price on March 28 and settle on March 31.
The Cusip number is 40433UV94.
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