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HSBC to price contingent income buffered notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Nov. 23 – HSBC USA Inc. plans to price contingent income buffered notes due May 30, 2024 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6% if the index closes at or above the coupon trigger, 80% of the initial level, on the determination date for that quarter.
If the index return is greater than or equal to negative 20%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
HSBC Securities (USA) Inc. is the agent.
The notes are expected to price Nov. 28.
The Cusip number is 40433UA71.
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