HSBC plans step-down trigger autocallable notes on Russell, Dow

By Sarah Lizee

Olympia, Wash., Sept. 25 – HSBC USA Inc. plans to price 0% step-down trigger autocallable notes due Oct. 1, 2024 linked to the least performing of the Russell 2000 index and the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.

The notes will be called at par plus an annual call premium of 7.5% to 8.5% if each index closes at or above its call level on any quarterly review date. The call level will be 100% of the initial level for the first 16 observation dates, stepping down to 75% of the initial level for the final date.

If the notes are not called, investors will lose 1% for each 1% decline of the worst performing index from its initial level.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

The notes will price on Sept. 26.

The Cusip number is 40438B608.

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