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HSBC plans five-year digital dual directional notes linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – HSBC USA Inc. plans to price 0% uncapped digital dual directional notes due Oct. 30, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes at or above the 80% barrier level, the payout at maturity will be par plus the minimum upside return of 22% to 27%, and investors will receive 1% for every 1% gain above the minimum upside return. The exact minimum upside return will be set at pricing.
If the index finishes below the 80% barrier level, investors will be fully exposed to any losses.
HSBC Securities (USA) Inc. is the underwriter.
The notes are expected to price on Oct. 27 and settle on Oct. 30.
The Cusip number is 40433UAW6.
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