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HSBC plans autocallable market-linked step-up notes tied to S&P
By Sarah Lizee
Olympia, Wash., May 28 – HSBC USA Inc. plans to price 0% autocallable market-linked step-up notes due May 2025 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at an annual call premium of 5.5% to 6.5% if the index closes at or above its initial level on any annual call date.
If the index finishes at or above the step-up value – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will receive par is the index declines by up to 15%, and will lose 1% for each 1% decline beyond 15%.
BofA Merrill Lynch is the agent.
The notes will price in May and settle in June.
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