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HSBC plans four-year market-linked step-up notes on S&P 500, Euro Stoxx
By Susanna Moon
Chicago, Aug. 11 – HSBC USA Inc. plans to price market-linked step-up notes due August 2018 linked to a basket of two equally weighted indexes, according to an FWP with the Securities and Exchange Commission.
The underlying indexes are the S&P 500 index and the Euro Stoxx 50 index.
If the index finishes at or above the step-up value – 120% to 126% of the initial level – the payout at maturity will be par of $10.00 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 20% to 26%.
Investors will receive par if the index falls by up to 10% and will be exposed to any losses beyond 10%.
BofA Merrill Lynch is the agent.
The notes will price in August and settle in September.
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