Published on 7/16/2021 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $878,000 dual directional barrier notes tied to four stocks
By William Gullotti
Buffalo, N.Y., July 16 – HSBC USA Inc. priced $878,000 of 0% dual directional barrier notes due July 19, 2024 linked to the stock performance of ServiceNow, Inc., Illumina, Inc., Nvidia Corp. and the Intuitive Surgical, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of each stock is greater than its initial level, the payout at maturity will be par plus 300% of the worst performer’s return.
If the final level of any stock is less than or equal to its initial level but no stock falls below its trigger value, 62% of its initial level, the payout will be par plus the absolute value of the worst performer’s return.
If any stock finishes below its trigger value, investors will lose 1% for every 1% that the worst performer declines from its initial level.
HSBC Securities (USA) Inc. is the underwriter.
| Issuer: | HSBC USA Inc.
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| Issue: | Dual directional barrier notes
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| Underlying stocks: | ServiceNow, Inc., Illumina, Inc., Nvidia Corp., Intuitive Surgical, Inc.
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| Amount: | $878,000
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| Maturity: | July 19, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of each stock is greater than initial level, par plus 300% of the worst performing stock’s return; if final level of any stock is less than or equal to initial level but no stock finishes below trigger value, par plus absolute value of worst performer’s return; if any stock finishes below trigger value, 1% loss for every 1% that the worst performer declines from initial levels
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| Initial levels: | $562.94 for ServiceNow, $460.92 for Illumina, $793.66 for Nvidia, $955.08 for Intuitive
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| Trigger values: | 62% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Underwriter: | HSBC Securities (USA) Inc.
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| Fees: | 0.75%
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| Cusip: | 40439JFW0
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