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HSBC amends 10-year contingent floaters linked to CMS curve, S&P 500
By Susanna Moon
Chicago, Sept. 20 - HSBC USA Inc. lowered the spread on its 10-year contingent floating-rate income securities linked to the 10-year Constant Maturity Swap Rate and the S&P 500 index due Oct. 2, 2023, according to an FWP filing with the Securities and Exchange Commission.
Interest will now accrue at the 10-year CMS rate plus a spread of at least 200 basis points, down from 225 bps, for each day that the index closes at or above the 70% barrier level. Interest will be payable quarterly.
As previously announced, the payout at maturity will be par if the index falls by up to 50% and investors will be fully exposed to any losses if the index falls below the 50% trigger level.
HSBC Securities (USA) Inc. is the agent with Morgan Stanley Wealth Management as the dealer.
The notes will price on Sept. 27 and settle on Oct. 2.
The Cusip number is 40432XL74.
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