Published on 11/29/2022 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $11.06 million Strategic Accelerated Redemption Securities on S&P
By William Gullotti
Buffalo, N.Y., Nov. 29 – HSBC USA Inc. priced $11.06 million Strategic Accelerated Redemption Securities due Nov. 27, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at an annualized call premium of 12.13% if the closing level of the index is greater than or equal to its initial level on any annual determination date.
If the notes are not called, investors lose 1% for each 1% decline in the index.
BofA Securities, Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Principal amount: | $11,060,490
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Proceeds: | $11,042,488.50
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Maturity: | Nov. 27, 2028
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Coupon: | 0%
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Price: | $9.95 per unit for 360,030 units; par of $10 for remainder
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Payout at maturity: | Full exposure to loss
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Call: | At par plus 12.13% annualized if the closing level of the index is greater than or equal to its initial value on any annual determination date
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Initial level: | 4,003.58
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Agent: | BofA Securities, Inc.
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Pricing date: | Nov. 22
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Settlement date: | Nov. 30
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Agent: | BofA Securities, Inc.
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Fees: | 1.5% for 360,030 units; 2% for remainder
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Cusip: | 40439N197
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