HSBC plans 6.6%-8.6% airbag autocallable yield notes on Workday

By Jennifer Chiou

New York, Oct. 28 – HSBC USA Inc. plans to price 6.6% to 8.6% airbag autocallable yield optimization notes due Oct. 30, 2015 linked to Workday, Inc. shares, according to an FWP with the Securities and Exchange Commission.

Interest will be payable monthly. The exact coupon will be set at pricing.

The notes will be automatically called if the stock closes at or above the initial price on any quarterly observation date.

If the notes are not called, the payout at maturity will be par unless Workday stock finishes below the 78% conversion level, in which case the payout will be a number of Workday shares equal to $1,000 divided by the conversion price.

The notes (Cusip: 40434D228) are expected to price on Oct. 29 and settle on Oct. 31.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the underwriters.

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