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HSBC to price airbag performance securities linked to S&P 500
By Marisa Wong
Madison, Wis., Oct. 4 - HSBC USA Inc. plans to price 0% airbag performance securities due Oct. 31, 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 175% to 190% of the return. The exact participation rate will be set at pricing.
If the index return is zero or negative but greater than or equal to negative 50%, the payout will be par.
If the index return is less than negative 50%, investors will lose 2% for every 1% that the index declines beyond 50%.
The notes are expected to price Oct. 26 and settle Oct. 31.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The Cusip number is 40433T810.
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