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HSBC plans 5.25%-7.25% autocallable yield notes on S&P 500, Russell
By Marisa Wong
Madison, Wis., April 5 - HSBC USA Inc. plans to price 5.25% to 7.25% autocallable yield notes due Oct. 17, 2014 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called automatically at par plus accrued interest if the indexes close above their initial levels on any quarterly observation date beginning Oct. 14, 2013.
A trigger event will occur if either index falls below the trigger level, 70% of the initial level, on any trading day during the life of the notes.
If a trigger event does not occur or if it does occur and the index return is zero or positive, investors will receive par at maturity.
If a trigger event occurs and the return of the lesser performing index is negative, investors will share in those losses.
The notes (Cusip: 40432XE72) are expected to price April 12 and settle April 17.
HSBC Securities (USA) Inc. will be the agent.
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