By Angela McDaniels
Tacoma, Wash., April 2 - HSBC USA Inc. priced $19.75 million of 0% market-linked step-up notes due March 28, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the agent.
If the index's final level is greater than or equal to the step-up value, 120.65% of the initial level, the payout at maturity will be par of $10 plus the index return.
If the index's final level is greater than or equal to the initial level but is less than or equal to the step-up value, the payout at maturity will be par plus 20.65%.
If the index's final level is less than its initial level, investors will be fully exposed to the decline.
| Issuer: | HSBC USA Inc.
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $19,750,300
|
| Maturity: | March 28, 2014
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index's final level is greater than or equal to step-up value, par plus index return; if index's final level is greater than or equal to initial level but is not greater than step-up value, par plus 20.65%; full exposure to decline if index's final level is less than initial level
|
| Initial index level: | 1,403.28
|
| Step-up value: | 1,693.06, 120.65% of initial level
|
| Pricing date: | March 29
|
| Settlement date: | April 5
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 40433K389
|
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