Foreign Account Tax Compliance Act. Example 3 shows that you are exposed on a 1-to-1 basis to declines in the level of the Least Performing Underlying if the Final Level of the Least Performing Underlying is below its Barrier Level. The market value of the Notes at any time will reflect many factors and cannot be predicted with accuracy. The numbers appearing in the following table and examples have been rounded for ease of analysis. Popular posts from this blog. Payment on the Notes.
Filed Pursuant to Rule b 2. This could be the case even if the other Underlying increased by an amount greater than the decrease in the Least Performing Underlying. The payments on the Notes will be based on the Official Closing Levels of the Underlyings on the Coupon Observation Dates, including the Final Valuation Date, subject to postponement for non-trading days and certain market disruption events. The Estimated Initial Value of the Notes, which was determined by us on the Pricing Date, is less than the price to public and may differ from the market value of the Notes in the secondary market, if any. You seek an investment for which there will be an active secondary market. If the Notes are automatically called, you will receive the Principal Amount plus the applicable Contingent Coupon on the corresponding Call Payment Date. As a result, you could lose all or some of the Principal Amount investment if the Final Level of the Least Performing Underlying is less than its Barrier Level, even if there is an increase in the level of the other Underlying.
This internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities. If the Notes are not called, even if the level of the Least Performing Underlying is greater than or equal to its Initial Level during the term of the Notes other than on the Coupon Observation Dates but then decreases on each Coupon Observation Date to a level that is less than its Initial Level, the return on the Notes may be less, and possibly significantly less, than it would have been if the Notes had been called.
Plan of Distribution Conflicts of Interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the Maryland General Corporation Law including the statutory provisions, all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing and the federal laws of the United States of America.
Otherwise, no coupon will be paid on such Coupon Payment Date. Foreign Account Tax Compliance Act. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences.
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Your return on the Notes is limited to the principal amount plus the Contingent Coupon, if any, regardless of any appreciation in the level of either Underlying. Filed Pursuant to Rule b 2. They do not eposode to be representative of every possible scenario concerning increases or decreases in the level of either Underlying relative to its Initial Level.
Summary of the Examples.
The date of Eid al-Adha may also vary from country to country depending on whether the moon has been sighted or not. Limitations on Issuances in Bearer Form. Validity of the Notes. The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Notes in the secondary market if any exists at any time.
The price of your Notes in the secondary market, if any, at any time after issuance will vary based on many factors, including the levels of the Underlyings and changes in market conditions, and cannot be predicted with accuracy.
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Description of the SPX. Although the offering of Notes relates to the Underlyings, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to either Underlying or any component security included in any Underlying or as to the suitability of an investment in the Notes.
Although Eid al-Adha is always on the same day of the Islamic calendar, the date on the Gregorian calendar varies from year to year, since the Gregorian calendar is a solar calendar and the Islamic calendar is a lunar calendar. If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes may be less than the price you paid for them because secondary market prices will not take into account these costs.
An affiliate of HSBC has paid or may pay in the future an amount to broker-dealers in connection with the costs of the continuing implementation of systems to jam3ii the Notes. Since the Notes are linked to the performance of more than one Underlying, you will be fully exposed to the risk of fluctuations in the level of each Underlying.
You are willing to hold Notes that will be automatically called on any Call Observation Date on which the Official Closing Level of each Underlying is at or above its Initial Level, or you are otherwise willing to hold the Notes to maturity. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a episoee return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date.
You should refer to information filed with the SEC and other authorities by the entities whose stock is included in the Underlyings and consult your tax advisor regarding the possible consequences to you if one or more of the entities familly stock is included in the Underlyings is or becomes a PFIC or a USRPHC.
Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on the Notes.
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You should not take this illustration or these examples as an indication or assurance of the expected performance of the Underlyings or return on the Notes. You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with familg similar credit rating.
Maximum Aggregate Offering Price.
If the Notes have become immediately due and payable following an Event of Default as defined in the accompanying prospectus with respect to the Notes, the calculation agent will determine the accelerated payment due and payable in the same general manner as described in this pricing supplement except that in such a case, the scheduled trading day immediately preceding the date of acceleration will be used as the final Coupon Observation Date and the Final Valuation Date.
You will be subject famiily significant risks not associated with conventional fixed-rate or floating-rate debt securities. You should not, under any circumstances, assume that the information in this pricing supplement, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.
Subject to the famuly described therein, and based on certain factual representations received from us, in the opinion of our special U. The relevant Coupon Payment Date.
Description of Preferred Stock.
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Title of Each Class of Securities Offered. Federal Income Tax Considerations. The potential returns described here assume that the Notes have not been automatically called prior to maturity. Amount of Registration Fee 1.