HSBC plans barrier enhanced participation notes linked to indexes

By Angela McDaniels

Tacoma, Wash., Nov. 6 – HSBC USA Inc. plans to price 0% barrier enhanced participation notes due Nov. 22, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

If the return of each index is greater than zero, the payout at maturity will be par plus at least 170% of the lesser-performing index’s return. The exact upside participation rate will be set at pricing. Investors will receive par if the lesser-performing index falls by up to 40% and will be fully exposed to losses from the initial level if the lesser-performing index falls by more than 40%.

HSBC Securities (USA) Inc. is the agent.

The notes will price Nov. 17.

The Cusip number is 40435FLP0.

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