HSBC plans 13.75% autocallable yield notes linked to Valeant

By Susanna Moon

Chicago, April 14 - HSBC USA Inc. plans to price 13.75% autocallable yield notes due April 24, 2015 linked to the Valeant Pharmaceuticals International, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly. The coupon will be at least 13.75%, with the exact rate to be set at pricing.

The notes will be called at par if the stock closes at or above its initial level on any quarterly call date beginning Oct. 21.

A trigger event will occur if the shares fall by more than 30% on any day during the life of the notes.

The payout at maturity will be par unless a trigger event has occurred and the stock finishes below its initial level, in which case investors will be exposed to any losses.

HSBC Securities (USA) Inc. is the agent.

The notes will price on April 21 and settle on April 24.

The Cusip number is 40432XYL9.

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