Published on 11/18/2020 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $96,000 dual directional digital plus notes on Dow, Nasdaq, S&P
Kiku Steinfeld
Chicago, Nov. 18 – HSBC USA Inc. priced $96,000 of 0% dual directional digital plus securities due Sept. 30, 2025 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the least-performing index’s final level is greater than or equal to its initial level, the payout at maturity will be par plus the greater of the least-performing index’s return and 15.9%.
If the least-performing index’s final level is less than its initial level but greater than or equal to its barrier level, 70% of its initial level, the payout will be par plus the absolute value of the least-performing index’s return.
If the least-performing index’s final level is less than its barrier level, investors will lose 1% for every 1% that the least-performing index declines.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
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| Issue: | Dual directional digital plus securities
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| Underlying indexes: | S&P 500, Dow Jones industrial average and Nasdaq-100
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| Amount: | $96,000
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| Maturity: | Sept. 30, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If least-performing index’s final level is greater than or equal to initial level, par plus greater of least-performing index’s return and 15.9%; if least-performing index’s final level is less than initial level but greater than or equal to barrier level, par plus absolute value of least-performing index’s return; if least-performing index’s final level is less than barrier level, 1% loss for every 1% that least-performing index declines
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| Initial levels: | 3,298.46 for S&P, 11,151.13 for Nasdaq and 27,173.96 for Dow
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| Barrier levels: | 70% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | HSBC Securities (USA) Inc.
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| Fees: | 3.625%
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| Cusip: | 40438CUQ2
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