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HSBC plans Accelerated Return Notes with averaging on Euro Stoxx 50
By Toni Weeks
San Luis Obispo, Calif., July 24 – HSBC USA Inc. plans to price 0% Accelerated Return Notes due August 2016 linked to the Euro Stoxx 50 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 plus 300% of the index return, subject to a capped return of 14% to 18% that will be set at pricing. Investors will be fully exposed to any decline in the index.
The initial index level will be the lowest closing level of the index during a two-month period beginning on the pricing date. The final index level will be the average of the closing index levels on five days shortly before the maturity date.
The notes are expected to price and settle in August.
BofA Merrill Lynch is the underwriter.
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