HSBC plans five-year buffered uncapped market notes linked to S&P 500

By Susanna Moon

Chicago, Nov. 1 - HSBC USA Inc. plans to price 0% buffered uncapped market participation securities due Nov. 26, 2018 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 any index gain.

Investors will receive par if the index falls by up to the buffer, which will be 20% to 25%, and will be exposed to any losses beyond the buffer. The exact buffer will be set at pricing.

HSBC Securities (USA) Inc. is the agent.

The notes will price on Nov. 21 and settle on Nov. 26.

The Cusip number is 40432XN23.

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