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HSBC plans four-year trigger step notes with no cap linked to S&P 500
By Susanna Moon
Chicago, Sept. 8 – HSBC USA Inc. plans to price 0% trigger step securities due Sept. 30, 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the 100% step barrier level, the payout at maturity will be par plus the greater of the gain and the step return of 27% to 31%. The exact percentage will be set at pricing.
Investors will receive par if the index falls by up to 25% and will be fully exposed to any losses if the index finishes below the 75% threshold level.
UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.
The notes will price on Sept. 27 and settle on Sept. 30.
The Cusip number is 40435B833.
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