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HSBC plans to price inverse knock-out notes due 2020 tied to S&P 500
By Sarah Lizee
Olympia, Wash., Sept. 13 – HSBC USA Inc. plans to price 0% inverse knock-out notes due Sept. 16, 2020 linked to the S&P 500 index, according to an FWP filed with the Securities and Exchange Commission.
If the final level is less than the initial level but is greater than or equal to the knock-out level, 59.5% of the initial level, the payout at maturity will be par plus the bearish return, which will be (a) the initial level minus the final level divided by (b) the initial level.
If the final level is greater than or equal to the initial level or is less than the knock-out level, investors will receive par.
HSBC Securities (USA) Inc. is the agent.
The notes will price on Sept. 14 and settle on Sept. 19.
The Cusip is 40435F3C9.
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