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HSBC to price knock-out buffer notes tied to basket of three stocks
By Toni Weeks
San Luis Obispo, Calif., Feb. 13 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Feb. 22, 2016 linked to an equally weighted basket of stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the common stocks of AstraZeneca plc, Bristol-Myers Squibb Co. and Merck & Co., Inc.
A knock-out event occurs if the final basket level is less than the initial basket level by more than the knock-out buffer of 15%.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of 136% of the basket return and zero. If a knock-out event has occurred, investors will receive par plus the basket return with full exposure to losses.
HSBC Securities (USA) Inc. will be the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank NA are the placement agents.
The notes (Cusip: 40432XTY7) are expected to price Feb. 14 and settle Feb. 20.
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