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

By Marisa Wong

Madison, Wis., March 11 - HSBC USA Inc. plans to price 0% airbag performance securities due March 29, 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 100% to 110% 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 25% and will lose 1.3333% for every 1% decline beyond 25%.

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

The notes will price on March 26 and settle on March 31.

The Cusip number is 40434C873.

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