Published on 12/14/2023 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $3.22 million contingent income barrier autocalls with memory coupon
New York, Dec. 14 – HSBC Bank plc priced $3.22 million of autocallable contingent income barrier notes with memory coupon due Dec. 7, 2026 linked to the common stocks of Walt Disney Co., Netflix, Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.5%, paid quarterly, if each underlying stock closes at or above its 60% barrier level on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing level of the worst performing stock is greater than or equal to its initial level on any quarterly observation date starting on June 4, 2024.
The payout at maturity will be par if the worst performing stock ends at or above its 60% barrier value. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC Bank plc
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| Issue: | Autocallable contingent income barrier notes with memory coupon
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| Underlying stocks: | Walt Disney Co., Netflix, Inc. and Meta Platforms, Inc.
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| Amount: | $3,223,000
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| Maturity: | Dec. 7, 2026
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| Coupon: | 15.5%, paid quarterly, if each underlying stock closes at or above its 60% barrier level on the related quarterly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above the barrier level, par; otherwise, 1% loss for every 1% that worst performing stock declines from initial level
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| Call: | Automatically at par if the closing level of the worst performing stock is greater than or equal to its initial level on any quarterly observation date starting on June 4, 2024
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| Initial levels: | $324.82 for Meta Platforms, $465.74 for Netflix, $92.58 for Walt Disney
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| Barrier levels: | $194.892 for Meta Platforms, $279.444 for Netflix, $55.548 for Walt Disney, 60% of initial levels
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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 6
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| Agent: | HSBC Securities (USA) Inc.
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| Fees: | 1.5%
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| Cusip: | 40442B4P9
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