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HSBC to price leveraged buffered notes linked to low-volatility ETF
By Marisa Wong
Madison, Wis., May 21 – HSBC USA Inc. plans to price 0% leveraged buffered uncapped market participation securities due May 29, 2020 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 ETF return is greater than zero, the payout at maturity will be par plus 108% to 112% of the ETF return. The exact participation rate will be set at pricing. Investors will receive par if the ETF falls by 15% or less and will lose 1% for every 1% that the ETF declines beyond 15%.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price May 27 and settle May 29.
The Cusip number is 40433BV88.
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