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HSBC to price trigger step performance securities tied to S&P 500
By Toni Weeks
San Luis Obispo, Calif., July 3 – HSBC USA Inc. plans to price 0% trigger step performance securities due July 31, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the index return and the step return, which is expected to be 16% to 22% and will be determined at pricing.
Investors will receive par if the index falls by up to 20% and will be fully exposed to losses from the initial level if it falls more than 20%.
The notes (Cusip: 40434C246) are expected to price July 28 and settle July 31.
HSBC Securities (USA) Inc. is the underwriter. UBS Financial Services Inc. will act as agent.
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