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HSBC plans dual digital-plus barrier notes due 2020 linked to S&P 500
By Marisa Wong
Morgantown, W.Va., Aug. 31 – HSBC USA Inc. plans to price 0% dual digital-plus barrier notes due Sept. 30, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is greater than or equal to negative 20%, the payout at maturity will be par plus the greater of the index return and the minimum upside return, which is expected to be 22% to 27% and will be set at pricing.
If the index return is less than negative 20%, investors will be fully exposed to the index’s decline from its initial level.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on Sept. 25 and settle on Sept. 30.
The estimated initial value of the notes on the pricing date is expected to be between $910 and $960 per $1,000 principal amount.
The Cusip number is 40433B6N3.
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