HSBC plans one-year phoenix quarterly review notes linked to Apple

By Susanna Moon

Chicago, March 22 – HSBC USA Inc. plans to price phoenix quarterly review notes due April 12, 2017 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

If Apple stock closes at or above the 72.75% coupon barrier level on a quarterly observation date, the notes will pay a contingent coupon of 10.8% annualized for that quarter.

If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Apple shares finish at or above the 80% trigger level, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses.

HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC and JPMorgan Chase Bank NA are the dealers.

The notes will price on March 24 and settle on March 30.

The Cusip number is 40433UKZ8.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.