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HSBC to price Strategic Accelerated Redemption Securities on S&P 500
By Devika Patel
Knoxville, Tenn., July 11 – HSBC USA Inc. plans to price 0% Strategic Accelerated Redemption Securities due July 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a premium of 8.25% to 9.25% per year if the closing level of the index is greater than its starting value on any of the six annual observation dates.
If the notes are not called, investors lose 1% for each 1% decline in the index.
BofA Merrill Lynch is the agent.
The notes will price and settle in July.
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