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HSBC plans contingent income barrier notes linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., June 5 – HSBC USA Inc. plans to price contingent income barrier notes due June 30, 2023 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 6.5% to 7.5% per year if the index closes at or above the coupon trigger, 70% of the initial level, on a determination date for that quarter. The exact contingent coupon rate will be set at pricing.
The payout at maturity will be par unless the index declines by more than 30%, in which case investors will lose 1% for each 1% that the final index level is below the initial index level.
HSBC Securities (USA) Inc. is the agent.
The notes will price June 23.
The Cusip number is 40434U6Z4.
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