Published on 10/20/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $2.06 million autocallable barrier notes with step-up premium on S&P, Stoxx
By William Gullotti
Buffalo, N.Y., Oct. 20 – HSBC USA Inc. priced $2.06 million of 0% autocallable barrier notes with step-up premium due Oct. 19, 2028 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 10.6% annual call premium if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout will be par unless any index has finished below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Autocallable barrier notes with step-up premium
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Underlying indexes: | S&P 500 index, Euro Stoxx 50 index
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Amount: | $2.06 million
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Maturity: | Oct. 19, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
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Call: | At par plus a 10.6% annual call premium if each index closes at or above its initial level on any quarterly observation date
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Initial index levels: | 4,373.63 for S&P, 4,149.86 for Stoxx
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Barrier levels: | 3,280.2225 for S&P, 3,112.395 for Stoxx; 75% of initial levels
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Pricing date: | Oct. 16
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Settlement date: | Oct. 19
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.85%
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Cusip: | 40447AQB3
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