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HSBC to price Leveraged Index Return Notes on Stoxx Europe 600 Banks
By Toni Weeks
San Luis Obispo, Calif., June 2 – HSBC USA Inc. plans to price 0% Leveraged Index Return Notes due June 2020 linked to the Stoxx Europe 600 Banks index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 150% to 170% of the index return. The exact upside participation rate will be set at pricing. Investors will receive par if the index falls by up to 15% and will lose 1% for every 1% that it declines beyond 15%.
The final index level will be the average of the closing index levels on five trading days shortly before the maturity date.
BofA Merrill Lynch is the underwriter.
The notes will price in June and settle in July.
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