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HSBC plans seven-year averaging notes on S&P 500 Low Volatility fund
By Susanna Moon
Chicago, Sept. 8 – HSBC USA Inc. plans to price 0% averaging notes due Oct. 2, 2023 linked to the PowerShares S&P 500 Low Volatility Portfolio exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 110% to 130% of any fund gain, with the exact participation rate to be set at pricing.
If the fund falls, the payout will be par.
The average closing level will be the arithmetic average of the closing level of the fund on each observation date.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price on Sept. 27 and settle on Sept. 30.
The Cusip number is 40433UTZ9.
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