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HSBC plans to price digital-plus barrier notes on low volatility ETF
By Marisa Wong
Madison, Wis., May 7 – HSBC USA Inc. plans to price 0% digital-plus barrier notes due May 2018 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the fund return is zero or positive, the payout at maturity will be par plus the greater of the minimum upside return and the fund return. The minimum upside return is expected to be at least 8% and will be set at pricing.
Investors will receive par if the fund falls by up to 20% and will be fully exposed to the fund decline from the initial level if it falls by more than 20%.
HSBC Securities (USA) Inc. is the agent.
The notes will price and settle in May.
The Cusip number is 40433BW53.
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