HSBC to price callable notes with contingent return on S&P, Russell

Chicago, Nov. 26 – HSBC USA Inc. plans to price callable notes with contingent return due Dec. 5, 2023 linked to the least 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 5.9% if each index closes at or above its 60% coupon trigger level on the observation date for that period. The exact coupon will be set at pricing.

The notes are callable at par on any quarterly call date beginning on Dec. 5, 2019 and ending on Sept. 5, 2023.

The payout at maturity will be par plus the final coupon unless either index finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.

HSBC Securities (USA) Inc. is the agent.

The notes (Cusip: 40435UBE3) will price on Nov. 30 and settle on Dec. 5.

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