By William Gullotti
Buffalo, N.Y., Jan. 30 – HSBC Bank plc priced $83.91 million autocallable Strategic Accelerated Redemption Securities due Jan. 29, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
HSBC sold 8,391,062 units with a face amount of $10 each, for a total principal amount of $83,910,620. The issuer sold 680,986 units to an individual investor at $9.95 per unit and the remainder to the public at par of $10, for total proceeds of $83,876,570.70.
The notes will be automatically called at an annualized call premium of 8.9% if the closing level of the index is greater than or equal to its initial level on any annual determination date.
If the notes are not called at maturity, investors will lose 1% for each 1% decline in the index.
BofA Securities, Inc. is the agent.
| Issuer: | HSBC Bank plc
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying index: | S&P 500 index
|
| Principal amount: | $83,910,620
|
| Proceeds: | $83,876,570.70
|
| Maturity: | Jan. 29, 2027
|
| Coupon: | 0%
|
| Price: | $9.95 per unit for 680,986 units; par of $10 for remainder
|
| Payout at maturity: | Full exposure to loss
|
| Call: | At par plus 8.9% annualized if the closing level of the index is greater than or equal to its initial value on any annual determination date
|
| Initial level: | 4,894.16
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5% for 680,986 units; 2% for remainder
|
| Cusip: | 403954647
|
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