By Wendy Van Sickle
Columbus, Ohio, April 16 – HSBC USA Inc. priced $15.09 million of 10.5% STEP Income Securities due April 25, 2025 linked to the common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final share price is greater than or equal to the step level, 110.5% of the initial price, the payout at maturity will be par of $10 plus 4.4%.
If the final price is greater than or equal to the initial price but less than the step level, investors will receive par.
Investors will be fully exposed to any decline.
BofA Securities, Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Alphabet Inc.
|
| Amount: | $15,085,190
|
| Maturity: | April 25, 2025
|
| Coupon: | 10.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final stock price is greater than or equal to step level, par plus 4.4%; if final price is greater than or equal to initial price but less than step level, par; otherwise, 1% loss for every 1% decline from initial price
|
| Initial price: | $158.47
|
| Step level: | $175.11; 110.5% of initial price
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5%
|
| Cusip: | 40443V300
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
