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HSBC to price airbag performance securities linked to PowerShares S&P 500 Low Volatility Portfolio
By Angela McDaniels
Tacoma, Wash., Aug. 2 - HSBC USA Inc. plans to price 0% airbag performance securities due Aug. 31, 2018 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus 125% to 140% of the return. The exact participation rate will be set at pricing.
If the ETF return is zero or negative but greater than or equal to negative 25%, the payout will be par.
If the ETF return is less than negative 25%, investors will lose 1.3333% for every 1% that the ETF declines beyond 25%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.
The notes are expected to price Aug. 27 and settle Aug. 30.
The Cusip number is 40433X332.
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