Published on 3/2/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $24.44 million market-linked step-up notes tied to S&P 500
By Marisa Wong
Madison, Wis., March 2 – HSBC USA Inc. priced $24.44 million of market-linked step-up notes due Feb. 24, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up value – 109.76% of the initial level – the payout at maturity will be par of $10.00 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 9.76%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $24,439,670
|
| Maturity: | Feb. 24, 2017
|
| Coupon: | 0%
|
| Price: | Par of $10.00
|
| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index gains by up to step-up level, par plus 9.76%; otherwise, investors will be exposed to any losses
|
| Initial index level: | 2,110.74
|
| Step-up value: | 2,316.75, 109.76% of initial level
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 5
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 40434F447
|
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