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HSBC to price 10-year autocallable CDs linked to HSBC Vantage5
By Sarah Lizee
Olympia, Wash., June 19 – HSBC Bank USA, NA plans to price 0% autocallable certificates of deposit due June 27, 2029 linked to the HSBC Vantage5 Index (USD) Excess Return index, according to a term sheet.
The CDs will be automatically called at par plus a call premium of 5% per year if the index closes at or above the call threshold on any of nine annual call observation dates. The call threshold is 102.25% of the initial level for the first call date, stepping up by 225 basis points on each subsequent call date to a final call threshold of 120.25% of the initial level for the ninth call date.
If the index return is greater than or equal to zero, the payout at maturity will be par plus the index return. If the index return is less than zero, the payout will be par.
HSBC Securities (USA) Inc. is the agent. Advisors Asset Management is distributor.
The CDs will price June 24.
The Cusip number is 44329M6A6.
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