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HSBC to price trigger return optimization notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., July 2 – HSBC USA Inc. plans to price 0% trigger return optimization securities due July 24, 2017 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 1.5 times the index return, subject to a maximum return that is expected to be 22% to 28% and will be set at pricing. If the index return is zero or negative and the final index level is greater than or equal to the trigger level, 75% of the initial index level, the payout will be par. If the final index level is less than the trigger level, investors will have full exposure to the index’s decline.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as agent.
The notes are expected to price July 18 and settle July 23.
The Cusip number is 40434C279.
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