HSBC plans barrier autocalls with step-down call level on ETF, index

By Sarah Lizee

Olympia, Wash., Dec. 10 – HSBC USA Inc. plans to price 0% autocallable barrier notes with step-down call threshold feature due Jan. 11, 2023 linked to the least performing of the iShares MSCI Emerging Markets exchange-traded fund and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized premium of at least 10.5% if each asset closes at or above its call level on any annual observation date beginning on Jan. 8, 2020. The call level will be 100% of the initial level on the first through third observation dates and 70% of the initial level on the fourth and final observation date.

The payout at maturity will be par plus the return of the least-performing asset.

HSBC Securities (USA) Inc. is the agent.

The notes will price on Dec. 21.

The Cusip number is 40435UBH6.

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