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HSBC plans 10-year airbag performance securities linked to S&P 500
By Susanna Moon
Chicago, Jan. 3 - HSBC USA Inc. plans to price 0% airbag performance securities due Jan. 31, 2023 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 165% to 180% of any index gain, with the exact participation rate to be set at pricing.
If the index falls by up to 50%, the payout will be par.
Otherwise, investors will lose 2% for every 1% decline beyond 50%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
The Cusip number is 40433T398.
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