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HSBC plans trigger notes with conversion feature linked to S&P 500
By Susanna Moon
Chicago, March 28 - HSBC USA Inc. plans to price 0% uncapped trigger participation notes with protection conversion feature due March 3, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above the initial level, the payout at maturity will be par plus the gain.
If the index falls by up to 10% but has always closed at or above the 115% conversion level during the life of the notes, the payout will be par.
Otherwise, investors will be fully exposed to any losses.
The trigger level will be 90% of the initial index level and the conversion level is 115% of the initial index level. A conversion event occurs if the index closes at or above the conversion level during the life of the notes.
HSBC Securities (USA) Inc. is the agent with Morgan Stanley Wealth Management as dealer.
The notes will price on March 31 and settle on April 3.
The Cusip number is 40434C857.
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