HSBC plans 10-year airbag performance notes linked to S&P 500

By Susanna Moon

Chicago, Sept. 9 - HSBC USA Inc. plans to price 0% airbag performance securities due Sept. 18, 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 175% to 185% of any gain in the index, with the exact participation rate to be set at pricing.

Investors will receive par if the index falls by 35% and will lose 1.5385% for every 1% decline beyond 35%.

HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as dealer.

The notes will price on Sept. 12 and settle on Sept. 17.

The Cusip number is 40433X233.

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