Published on 1/15/2015 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $12.54 million STEP Income Securities on salesforce.com
New York, Jan. 15 – HSBC USA Inc. priced $12.54 million of 9.5% STEP Income Securities due Jan. 29, 2016 tied to salesforce.com, inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes at or above the step level of $64.09, 109.50% of the initial price, the payout at maturity will be par plus 5.81%. If the stock finishes at or above the initial share price but below the step level, the payout will be par. Investors will lose 1% for every 1% decline in the stock.
Merrill Lynch & Co. is the underwriter.
| Issuer: | HSBC USA Inc.
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| Issue: | STEP Income Securities
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| Underlying stock: | salesforce.com, inc.
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| Amount: | $12,541,120
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| Maturity: | Jan. 29, 2016
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| Coupon: | 9.5%
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above the step level of $64.09, 109.50% of the initial price, par plus 5.81%; if stock finishes at or above initial share price but below step level, par; 1% loss for every 1% decline
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| Initial price: | $58.53
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| Pricing date: | Jan. 13
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| Settlement date: | Jan. 21
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| Underwriters: | Merrill Lynch & Co.
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| Fees: | 1.75%
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| Cusip: | 40434F660
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