The 7 Year Income Plus Notes
(each a “Note” and collectively the “Notes”) offered hereunder will not be listed on any U.S. securities
exchange or automated quotation system.
Neither the U.S. Securities and
Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the Notes or passed
upon the accuracy or the adequacy of this document, the accompanying prospectus, prospectus supplement or Stock-Linked Underlying
Supplement. Any representation to the contrary is a criminal offense.
We have appointed HSBC Securities
(USA) Inc., an affiliate of ours, as the agent for the sale of the Notes. HSBC Securities (USA) Inc. will purchase the Notes from
us for distribution to other registered broker-dealers or will offer the Notes directly to investors. HSBC Securities (USA) Inc.
or another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making
transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, the
pricing supplement to which this free writing prospectus relates is being used in a market-making transaction. See “Supplemental
Plan of Distribution (Conflicts of Interest)” on page FWP-16 of this free writing prospectus.
This free writing prospectus
relates to two separate offerings of Notes linked to a basket of five common stocks (each a “Reference Stock” and the
basket the “Reference Asset”). Each offering will have the terms described in this free writing prospectus and the
accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus. If the terms of the Notes offered hereby
are inconsistent with those described in the accompanying Stock-Linked Underlying Supplement, prospectus supplement or prospectus
the terms described in this free writing prospectus shall control.
Coupon Valuation Dates
|
Coupon Valuation Date*
|
Coupon Payment Date**
|
|
and Coupon Payment
|
June 25, 2014
|
June 30, 2014
|
|
Dates
:
|
June 24, 2015
|
June 29, 2015
|
|
|
June 24, 2016
|
June 29, 2016
|
|
|
June 26, 2017
|
June 29, 2017
|
|
|
June 26, 2018
|
June 29, 2018
|
|
|
June 26, 2019
|
July 1, 2019
|
|
|
June 24, 2020
|
June 29, 2020 (the Maturity Date)
|
|
|
* Subject
to the adjustment as described under “Additional Note Terms — Valuation Dates” in the accompanying Stock-Linked
Underlying Supplement.
** Expected.
|
Initial Price:
|
The Official Closing Price (as defined below) of the respective Reference Stock as determined by the calculation agent on the Pricing Date.
|
|
|
Final Price:
|
The Official Closing Price of the respective Reference Stock on the relevant Coupon Valuation Date, adjusted as described under “Additional Note Terms — Antidilution and Reorganization Adjustments” in the accompanying Stock-Linked Underlying Supplement.
|
|
|
Official Closing Price:
|
With respect to each Reference Stock, the Official Closing Price will be the relevant official price of one share of such Reference Stock on its Relevant Exchange as of the close of the regular trading session of such exchange and as reported in the official price determination mechanism for such exchange, as further described under “Additional Note Terms — Official Closing Price” in the accompanying Stock-Linked Underlying Supplement.
|
|
|
Trade Date:
|
June 24, 2013
|
|
|
Pricing Date:
|
June 24, 2013
|
|
|
Original Issue Date:
|
June 27, 2013
|
|
|
Maturity Date:
|
3 scheduled business days after the final Coupon Valuation Date, and expected to be June 29, 2020. The Maturity Date is subject to adjustment as described under “Additional Note Terms —Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Stock-Linked Underlying Supplement.
|
|
|
Form of Notes:
|
Book-Entry
|
|
|
Listing:
|
The Notes will not be listed on any U.S. securities exchange or quotation system.
|
|
|
Estimated Initial Value:
|
The Estimated Initial Value of the Notes will be less than the price you pay to purchase the Notes. The Estimated Initial Value is determined by reference to our or our affiliates’ internal pricing models and reflects the implied borrowing rate we pay to issue market-linked securities, which is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities, and the value of the embedded derivatives in the securities. The Estimated Initial Value for each offering of the Notes will be calculated on the Pricing Date and will be set forth in the pricing supplement to which this free writing prospectus relates.
|
The Trade Date, the Pricing Date and the other dates set forth above are subject to change, and will be
set forth in the final pricing supplement relating to the Notes.
General
This free writing prospectus relates to
two separate offerings of Notes, each linked to the Reference Stocks identified on page FWP-3. The purchaser of any Note will acquire
a senior unsecured debt security of HSBC USA Inc. linked to five Reference Stocks. We reserve the right to withdraw, cancel or
modify any offering and to reject orders in whole or in part. Although each of the two offerings of Notes relates to the Reference
Stocks identified on page FWP-3, you should not construe that fact as a recommendation as to the merits of acquiring an investment
linked to the Reference Stocks or as to the suitability of an investment in the Notes.
You should read this document together
with the prospectus dated March 22, 2012, the prospectus supplement dated March 22, 2012 and the Stock-Linked Underlying Supplement
dated March 22, 2012. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus
supplement, prospectus or Stock-Linked Underlying Supplement, the terms described in this free writing prospectus shall control.
You should carefully consider, among other things, the matters set forth in “Risk Factors” beginning on page FWP-6
of this free writing prospectus, beginning on page S-3 of the prospectus supplement and beginning on page S-1 of the Stock-Linked
Underlying Supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisors before you invest in the Notes. As used herein, references to the “Issuer”,
“HSBC”, “we”, “us” and “our” are to HSBC USA Inc.
HSBC has filed a registration statement
(including a prospectus, prospectus supplement and Stock-Linked Underlying Supplement) with the SEC for the offering to which this
free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and Stock-Linked Underlying
Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC
and this offering. You may get these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively,
HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement
and Stock-Linked Underlying Supplement if you request them by calling toll-free 1-866-811-8049.
You may also obtain:
We are using this free writing prospectus
to solicit from you an offer to purchase the Notes. You may revoke your offer to purchase the Notes at any time prior to the time
at which we accept your offer by notifying HSBC Securities (USA) Inc. We reserve the right to change the terms of, or reject any
offer to purchase, the Notes prior to their issuance. In the event of any material changes to the terms of the Notes, we will notify
you.
Payment at Maturity
On the Maturity Date, for each Note you
hold, we will pay you your Principal Amount plus any Coupon due on the Maturity Date.
Coupons
On each Coupon Payment Date, we will pay
you the relevant Coupon relating to your Note. The Coupon will vary, will be calculated on the relevant Coupon Valuation Date and
will be equal to the relevant Minimum Coupon Rate or, if applicable, the relevant Performance-Based Coupon Rate (to be determined
on the Trade Date) plus the Minimum Coupon Rate. If, on a Coupon Valuation Date, the Reference Stock Return for
every
Reference
Stock is equal to or greater than zero, the Coupon will be the Performance-Based Coupon Rate plus the Minimum Coupon Rate. If,
on a Coupon Valuation Date, the Reference Stock Return for
any
Reference Stock is less than zero, the Coupon will be the
Minimum Coupon Rate. The Minimum Coupon Rate and Performance-Based Coupon Rate will differ for each of the two offerings of Notes
offered by this free writing prospectus. The Coupon Payment Dates and the Maturity Date are subject to adjustment, as described
under “Additional Note Terms — Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying
Stock-Linked Underlying Supplement. For information regarding the record dates applicable to the Notes, please see the section
entitled “Description of Notes — Interest and Principal Payments — Recipients of Interest Payments” on
page S-11 in the accompanying prospectus supplement.
Calculation
Agent
We or one of our affiliates will act as
calculation agent with respect to the Notes.
Business
Day
A
“business day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation to close in the City of New York.
Payment
When Offices or Settlement Systems Are Closed
If any payment is due on the Notes on a day that would otherwise be a “business day” but is
a day on which the office of a paying agent or a settlement system is closed, we will make the payment on the next business day
when that paying agent or system is open. Any such payment will be deemed to have been made on the original due date, and no additional
payment will be made on account of the delay.
Investor Suitability
The Notes may be suitable for you if:
|
|
The Notes may not be suitable for you if:
|
|
|
|
}
You seek an investment that provides a full repayment of principal, subject to the credit risk of HSBC, if held to maturity,
and an annual Coupon, based on the performance of each Reference Stock, that will be equal to the applicable Minimum Coupon Rate
or, if applicable, the applicable Performance-Based Coupon Rate plus the applicable Minimum Coupon Rate.
}
You believe the prices of all of the Reference Stocks will generally increase or remain equal to their Initial Prices over
the term of the Notes.
}
You are willing to accept the risk and return profile of the securities versus a conventional debt security with a comparable
maturity issued by HSBC or another issuer with a similar credit rating.
}
You believe the applicable Coupon on the Coupon Payment Dates will be an amount sufficient to provide you with a satisfactory
return on your investment.
}
You are comfortable receiving only the Principal Amount of your Notes at maturity plus the applicable Coupon that will not
be less than the applicable Minimum Coupon Rate or greater than the applicable Performance-Based Coupon Rate plus the applicable
Minimum Coupon Rate.
}
You are willing to invest in the Notes based on the sum of the applicable Performance-Based Coupon Rate plus the applicable
Minimum Coupon Rate, which will limit your Coupon on any Coupon Payment Date.
}
You are willing to forgo dividends or other distributions paid to holders of the Reference Stocks.
}
You do not seek an investment for which there is an active secondary market.
}
You are willing to hold the Notes to maturity.
}
You are comfortable with the creditworthiness of HSBC, as Issuer of the Notes.
|
|
}
You
seek an investment where the return is based on the actual performance of the Reference Stocks and is not limited to the applicable
Performance-Based Coupon Rate.
}
You
believe the prices of one or more of the Reference Stocks will decrease over the term of the Notes.
}
You
are unwilling to receive only the Principal Amount of your Notes at maturity plus the applicable Coupon that will not be less than
the applicable Minimum Coupon Rate or greater than the applicable Performance-Based Coupon Rate plus the applicable Minimum Coupon
Rate.
}
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 a similar credit rating.
}
You
prefer to receive the dividends or other distributions paid on any of the Reference Stocks.
}
You
seek an investment for which there will be an active secondary market.
}
You
are unable or unwilling to hold the Notes to maturity.
}
You are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the Notes.
|
Risk Factors
We urge you to read the section “Risk
Factors” beginning on page S-3 in the accompanying prospectus supplement and on page S-1 of the accompanying Stock-Linked
Underlying Supplement. Investing in the Notes is not equivalent to investing directly in any of the Reference Stocks. You should
understand the risks of investing in the Notes and should reach an investment decision only after careful consideration, with your
advisors, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in
this free writing prospectus and the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus.
In addition to the risks discussed below,
you should review “Risk Factors” in the accompanying prospectus supplement and Stock-Linked Underlying Supplement,
including the explanation of risks relating to the Notes described in the following sections:
|
}
|
“— Risks Relating to All Note Issuances” in the prospectus supplement; and
|
|
}
|
“— General risks related to Reference Stocks” in the Stock-Linked Underlying
Supplement.
|
You will be subject to significant risks
not associated with conventional fixed-rate or floating-rate debt securities.
The amount
of the annual Coupon is uncertain and may be as low as
the Minimum Coupon Rate
.
The amount of the annual Coupon you receive
is not fixed and will depend on the performance of each Reference Stock on the respective Coupon Valuation Dates. If the Reference
Stock Return of
any
Reference Stock is less than zero on a Coupon Valuation Date, you will receive a Coupon equal to the
applicable Minimum Coupon Rate on the applicable Coupon Payment Date. The applicable Minimum Coupon Rate is specified on page FWP-3.
You will not directly participate in
any appreciation in the value of Reference Stocks and your Coupon is limited to the applicable Performance-Based Coupon Rate plus
the applicable Minimum Coupon Rate.
You will not directly participate in any
appreciation in the value of the Reference Stocks. Instead, you will receive annual Coupons based upon the applicable formulas
described under the captions “Coupon,” “Minimum Coupon Rate” and “Performance-Based Coupon Rate”
on page FWP-3. The Coupons payable to you will be based upon whether the Reference Stocks appreciate or depreciate. Regardless
of the extent to which the prices of the Reference Stocks appreciate, the applicable Coupon will not exceed the applicable Performance-Based
Coupon Rate plus the applicable Minimum Coupon Rate. The Performance-Based Coupon Rate will be not less than the applicable rate
specified for each Note on page FWP-3. Therefore, you may earn significantly less by investing in the Notes than you would have
earned by investing directly in the Reference Stocks relevant to your Notes.
The amount payable on the Notes is not
linked to the price of the Reference Stocks at any time other than on the Coupon Valuation Dates.
The return on the Notes will be based on
the Official Closing Price of the Reference Stocks on the applicable Coupon Valuation Dates, subject to postponement for non-trading
days and certain market disruption events. Even if the price of the Reference Stocks appreciates prior to the applicable Coupon
Valuation Date but then drops on that day to a price that is at or below the Initial Level, the payment on the Notes will be less,
and may be significantly less, than it would have been had the Notes been linked to the price of the Reference Stocks prior to
such drop. Although the actual price of the Reference Stocks on the Maturity Date or at other times during the term of the Notes
may be higher than the Official Closing Price of the Reference Stocks on any Coupon Valuation Date, the return on the Notes will
be based solely on the Official Closing Price of the Reference Stocks on the applicable Coupon Valuation Dates.
The Notes are subject to the credit
risk of HSBC USA Inc.
The Notes are senior unsecured debt obligations
of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. As further described in the
accompanying prospectus supplement and prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated
debt obligations of HSBC, except such obligations as may be preferred by operation of law. Any payment to be made on the Notes,
including any Coupons or return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they come
due. As a result, the actual and perceived creditworthiness of HSBC may affect the market value of the Notes and, in the event
HSBC were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes.
The Estimated Initial Value of the Notes, which will be determined
by us at the time the terms of the Notes are set, will be less than the price to public and may differ from the market value of
the Notes in the secondary market, if any.
The Estimated Initial Value of the Notes
will be calculated by us at the time the terms of the Notes are set. We will determine the Estimated Initial Value by reference
to our or our affiliates’ internal pricing models. These pricing models consider certain assumptions and variables, which
can include volatility and interest rates. Different pricing models and assumptions could provide valuations for the Notes that
are different from our Estimated Initial Value. These pricing models rely in part on certain forecasts about future events, which
may prove to be incorrect. The Estimated Initial Value will reflect the implied borrowing rate we use to issue market-linked securities,
as well as the mid-market value of the embedded derivatives in the securities. The implied borrowing rate is typically lower than
the rate we would use when we issue conventional fixed or floating rate debt securities. As a result of the difference between
our implied borrowing rate and the rate we would use when we issue conventional fixed or floating rate debt securities, the Estimated
Initial Value of the Notes may be lower if it were based on the levels at which our fixed or floating rate debt securities trade
in the secondary market. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances,
we would expect the economic terms of the Notes to be more favorable to you. 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,
immediately after the Pricing Date will be less than the price to public.
The price to public takes into account
certain costs. These costs, which will be used or retained by us or one of our affiliates, will include our affiliates’ projected
hedging profits (which may or may not be realized) for assuming risks inherent in hedging our obligations under the Notes, the
costs associated with hedging our obligations under the Notes, the underwriting discount and the costs associated with issuing
the Notes (such as costs associated with creating and documenting the Notes). 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. The price of your Notes in the
secondary market, if any, at any time after issuance will vary based on many factors, including the value of the Reference Stocks
and changes in market conditions, and cannot be predicted with accuracy. The Notes are not designed to be short-term trading instruments,
and you should, therefore, be able and willing to hold the Notes to maturity. Any sale of the Notes prior to maturity could result
in a loss to you.
If we were to repurchase your Notes immediately after the
Original Issue Date, the price you receive may be higher than the Estimated Initial Value of the Notes.
Although not obligated to do so, for a predetermined period of time after the Original Issue Date, if
we were to buy back your Notes, the purchase price you would receive (and which may be shown on your customer account statements)
is expected to exceed the Estimated
Initial Value, assuming all other market
conditions remain the same. This pricing differential is only temporary and the excess amount is expected to decline on an approximate
straight line basis to zero over a period of approximately six months from the Original Issue Date. The length of this period is
generally dictated by market conditions. Thereafter, if you are able to sell your Notes, the price you would receive would be based
on the market value of the Notes at that time, which would take into account factors including, but not limited to, then-prevailing
market conditions, the relevant Reference Stocks, our creditworthiness and transaction costs.
The Notes lack liquidity.
The Notes will not be listed on any securities
exchange. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market, if any exists. Even
if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other
dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely
to depend on the price, if any, at which HSBC Securities (USA) Inc. is willing to buy the Notes.
Potential conflicts.
HSBC and its affiliates play a variety
of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under
the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially
adverse to your interests as an investor in the Notes. We will not have any obligation to consider your interests as a holder of
the Notes in taking any action that might affect the value of your Notes.
The Notes are not insured by any governmental
agency of the United States or any other jurisdiction.
The Notes are not deposit liabilities or
other obligations of a bank and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or
program of the United States or any other jurisdiction. An investment in the Notes is subject to the credit risk of HSBC, and in
the event that HSBC is unable to pay its obligations as they become due, you may not receive the full payment at maturity of the
Notes.
Tax treatment.
For a discussion of the U.S. federal income
tax consequences of your investment in a Note, please see the discussion under “U.S. Federal Income Tax Considerations”
herein and the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.
Description
of the Reference Stocks
APPLE INC.
(AAPL)
Description of Apple Inc.
Apple
Inc. has stated in its filings with the SEC that it designs, manufactures, and markets personal computers and related personal
computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions.
Information filed by AAPL with the SEC under the Exchange Act can be located by reference to its SEC file number: 000-10030 or
its CIK Code: 0000320193
Historical Performance of Apple
Inc.
The
following table sets forth the quarterly high and low intraday prices, as well as end-of-quarter closing prices on the relevant
exchange, of the Reference Stock for each quarter in the period from January 2, 2008 through May 24, 2013. We obtained the data
in these tables from the Bloomberg Professional
®
service, without independent verification by us. All historical
prices are denominated in US dollars and rounded to the nearest penny.
Historical prices of the Reference Stock should not
be taken as an indication of future performance of the Reference Stock.
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
|
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
March 31, 2008
|
$200.20
|
$115.44
|
$143.50
|
|
December 31, 2010
|
$326.65
|
$277.77
|
$322.56
|
June 30, 2008
|
$192.24
|
$144.54
|
$167.44
|
|
March 31, 2011
|
$364.90
|
$324.88
|
$348.45
|
September 30, 2008
|
$180.91
|
$100.61
|
$113.66
|
|
June 30, 2011
|
$355.00
|
$310.65
|
$335.67
|
December 31, 2008
|
$116.40
|
$79.16
|
$85.35
|
|
September 30, 2011
|
$422.85
|
$334.22
|
$381.18
|
March 31, 2009
|
$109.90
|
$78.20
|
$105.12
|
|
December 30, 2011
|
$426.69
|
$354.27
|
$405.00
|
June 30, 2009
|
$146.40
|
$103.90
|
$142.43
|
|
March 30, 2012
|
$621.42
|
$409.00
|
$599.47
|
September 30, 2009
|
$188.89
|
$134.42
|
$185.37
|
|
June 29, 2012
|
$644.00
|
$528.69
|
$584.00
|
December
31, 2009
|
$213.94
|
$180.76
|
$210.86
|
|
September 28, 2012
|
$705.07
|
$570.00
|
$667.26
|
March
31, 2010
|
$237.48
|
$190.26
|
$234.93
|
|
December 31, 2012
|
$676.74
|
$501.25
|
$533.03
|
June
30, 2010
|
$279.00
|
$199.35
|
$251.53
|
|
March 29, 2013
|
$555.00
|
$419.00
|
$442.63
|
September
30, 2010
|
$294.73
|
$235.56
|
$283.75
|
|
May 24, 2013*
|
$465.70
|
$385.10
|
$445.15
|
*
As of the date of this free writing prospectus available information for the second calendar quarter of 2013 includes data for
the period from April 1, 2013 through May 24, 2013. Accordingly, the “Quarterly High,” “Quarterly Low”
and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for second
calendar quarter of 2013.
The
graph below illustrates the daily performance of AAPL’s common stock from May 24, 2008 through May 24, 2013 based on information
from the Bloomberg Professional
®
service. The market price of the Reference Stock on May 24, 2013 was $445.15.
Past
performance of the Reference Stock is not indicative of its future performance.
EBAY INC.
(EBAY)
Description of eBay Inc.
eBay
Inc. has stated in its filings with the SEC that it operates an online trading community. The company's service is used by buyers
and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as
well as concert and sporting tickets. Information filed by EBAY with the SEC under the Exchange Act can be located by reference
to its SEC file number: 000-24821 or its CIK Code: 0001065088.
Historical Performance of eBay
Inc.
The
following table sets forth the quarterly high and low intraday prices, as well as end-of-quarter closing prices on the relevant
exchange, of the Reference Stock for each quarter in the period from January 2, 2008 through May 24, 2013. We obtained the data
in these tables from the Bloomberg Professional
®
service, without independent verification by us. All historical
prices are denominated in US dollars and rounded to the nearest penny.
Historical prices of the Reference Stock should not
be taken as an indication of future performance of the Reference Stock.
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
|
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
March 31, 2008
|
$33.51
|
$25.33
|
$29.84
|
|
December 31, 2010
|
$31.64
|
$23.94
|
$27.83
|
June 30, 2008
|
$33.47
|
$26.89
|
$27.33
|
|
March 31, 2011
|
$35.35
|
$27.22
|
$31.04
|
September 30, 2008
|
$29.13
|
$19.95
|
$22.38
|
|
June 30, 2011
|
$34.65
|
$28.16
|
$32.27
|
December 31, 2008
|
$22.23
|
$10.91
|
$13.96
|
|
September 30, 2011
|
$34.99
|
$26.86
|
$29.49
|
March 31, 2009
|
$15.48
|
$9.91
|
$12.56
|
|
December 30, 2011
|
$34.43
|
$27.42
|
$30.33
|
June 30, 2009
|
$18.39
|
$12.28
|
$17.13
|
|
March 30, 2012
|
$38.18
|
$29.55
|
$36.89
|
September 30, 2009
|
$24.73
|
$15.78
|
$23.61
|
|
June 29, 2012
|
$43.93
|
$35.32
|
$42.01
|
December 31, 2009
|
$25.80
|
$21.52
|
$23.54
|
|
September 28, 2012
|
$50.64
|
$38.06
|
$48.41
|
March 31, 2010
|
$28.36
|
$21.52
|
$26.95
|
|
December 31, 2012
|
$53.09
|
$45.66
|
$51.02
|
June 30, 2010
|
$27.67
|
$19.54
|
$19.61
|
|
March 29, 2013
|
$57.26
|
$49.55
|
$54.22
|
September
30, 2010
|
$25.16
|
$19.06
|
$24.40
|
|
May 24, 2013*
|
$58.04
|
$51.16
|
$54.64
|
*
As of the date of this free writing prospectus available information for the second calendar quarter of 2013 includes data for
the period from April 1, 2013 through May 24, 2013. Accordingly, the “Quarterly High,” “Quarterly Low”
and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for second
calendar quarter of 2013.
The
graph below illustrates the daily performance of EBAY’s common stock from May 24, 2008 through May 24, 2013 based on information
from the Bloomberg Professional
®
service. The market price of the Reference Stock on May 24, 2013 was $54.64.
Past
performance of the Reference Stock is not indicative of its future performance.
ALTRIA GROUP,
INC. (MO)
Description of Altria Group, Inc.
Altria
Group, Inc. has stated in its filings with the SEC that it manufactures and sells cigarettes and other tobacco products, including
cigars and pipe tobacco. Information filed by MO with the SEC under the Exchange Act can be located by reference to its SEC file
number: 001-08940 or its CIK Code: 0000764180.
Historical Performance of Altria
Group, Inc.
The
following table sets forth the quarterly high and low intraday prices, as well as end-of-quarter closing prices on the relevant
exchange, of the Reference Stock for each quarter in the period from January 2, 2008 through May 24, 2013. We obtained the data
in these tables from the Bloomberg Professional
®
service, without independent verification by us. All historical
prices are denominated in US dollars and rounded to the nearest penny.
Historical prices of the Reference Stock should not
be taken as an indication of future performance of the Reference Stock.
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
|
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
March 31, 2008
|
$24.55
|
$20.97
|
$22.20
|
|
December 31, 2010
|
$26.21
|
$23.66
|
$24.62
|
June 30, 2008
|
$23.02
|
$19.95
|
$20.56
|
|
March 31, 2011
|
$26.27
|
$23.35
|
$26.03
|
September 30, 2008
|
$21.86
|
$19.26
|
$19.84
|
|
June 30, 2011
|
$28.13
|
$25.81
|
$26.41
|
December 31, 2008
|
$20.91
|
$14.34
|
$15.06
|
|
September 30, 2011
|
$27.40
|
$23.20
|
$26.81
|
March 31, 2009
|
$17.63
|
$14.50
|
$16.02
|
|
December 30, 2011
|
$30.40
|
$25.94
|
$29.65
|
June 30, 2009
|
$17.62
|
$15.90
|
$16.39
|
|
March 30, 2012
|
$30.99
|
$28.00
|
$30.87
|
September 30, 2009
|
$18.70
|
$16.10
|
$17.81
|
|
June 29, 2012
|
$34.59
|
$30.75
|
$34.55
|
December 31, 2009
|
$20.47
|
$17.28
|
$19.63
|
|
September 28, 2012
|
$36.29
|
$32.72
|
$33.39
|
March
31, 2010
|
$20.85
|
$19.15
|
$20.52
|
|
December 31, 2012
|
$34.25
|
$30.01
|
$31.42
|
June
30, 2010
|
$21.91
|
$19.20
|
$20.04
|
|
March 29, 2013
|
$35.45
|
$31.85
|
$34.39
|
September
30, 2010
|
$24.38
|
$19.89
|
$24.02
|
|
May 24, 2013*
|
$37.60
|
$34.08
|
$37.09
|
*
As of the date of this free writing prospectus available information for the second calendar quarter of 2013 includes data for
the period from April 1, 2013 through May 24, 2013. Accordingly, the “Quarterly High,” “Quarterly Low”
and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for second
calendar quarter of 2013.
The
graph below illustrates the daily performance of MO’s common stock from May 24, 2008 through May 24, 2013 based on information
from the Bloomberg Professional
®
service. The market price of the Reference Stock on May 24, 2013 was $37.09.
Past
performance of the Reference Stock is not indicative of its future performance.
PEPSICO,
INC. (PEP)
Description of PepsiCo, Inc.
PepsiCo,
Inc. has stated in its filings with the SEC that it operates worldwide beverage, snack and food businesses. Information filed by
PEP with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-01183 or its CIK Code: 0000077476.
Historical Performance of PepsiCo,
Inc.
The
following table sets forth the quarterly high and low intraday prices, as well as end-of-quarter closing prices on the relevant
exchange, of the Reference Stock for each quarter in the period from January 2, 2008 through May 24, 2013. We obtained the data
in these tables from the Bloomberg Professional
®
service, without independent verification by us. All historical
prices are denominated in US dollars and rounded to the nearest penny.
Historical prices of the Reference Stock should not
be taken as an indication of future performance of the Reference Stock.
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
|
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
March 31, 2008
|
$79.79
|
$66.30
|
$72.20
|
|
December 31, 2010
|
$68.11
|
$63.44
|
$65.33
|
June 30, 2008
|
$72.17
|
$63.41
|
$63.59
|
|
March 31, 2011
|
$67.46
|
$62.05
|
$64.41
|
September 30, 2008
|
$75.02
|
$63.58
|
$71.27
|
|
June 30, 2011
|
$71.88
|
$64.47
|
$70.43
|
December 31, 2008
|
$72.24
|
$49.74
|
$54.77
|
|
September 30, 2011
|
$70.75
|
$59.25
|
$61.90
|
March 31, 2009
|
$56.91
|
$45.39
|
$51.48
|
|
December 30, 2011
|
$66.76
|
$58.50
|
$66.35
|
June 30, 2009
|
$55.73
|
$47.50
|
$54.96
|
|
March 30, 2012
|
$67.19
|
$62.15
|
$66.35
|
September 30, 2009
|
$60.00
|
$54.30
|
$58.66
|
|
June 29, 2012
|
$70.66
|
$64.65
|
$70.66
|
December 31, 2009
|
$64.47
|
$58.28
|
$60.80
|
|
September 28, 2012
|
$73.65
|
$68.47
|
$70.77
|
March 31, 2010
|
$67.00
|
$58.75
|
$66.16
|
|
December 31, 2012
|
$71.47
|
$67.39
|
$68.43
|
June
30, 2010
|
$67.61
|
$60.50
|
$60.95
|
|
March 29, 2013
|
$79.26
|
$68.65
|
$79.11
|
September
30, 2010
|
$67.31
|
$60.32
|
$66.44
|
|
May 24, 2013*
|
$84.78
|
$78.27
|
$82.58
|
*
As of the date of this free writing prospectus available information for the second calendar quarter of 2013 includes data for
the period from April 1, 2013 through May 24, 2013. Accordingly, the “Quarterly High,” “Quarterly Low”
and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for second
calendar quarter of 2013.
The
graph below illustrates the daily performance of PEP’s common stock from May 24, 2008 through May 24, 2013 based on information
from the Bloomberg Professional
®
service. The market price of the Reference Stock on May 24, 2013 was $82.58.
Past
performance of the Reference Stock is not indicative of its future performance.
Wal-Mart
Stores, Inc. (WMT)
Description of Wal-Mart Stores,
Inc.
Wal-Mart
Stores, Inc. has stated in its filings with the SEC that it operates discount stores, supercenters, and neighborhood markets. Information
filed by WMT with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-06991 or its CIK Code:
0000104169.
Historical Performance of Wal-Mart
Stores, Inc.
The
following table sets forth the quarterly high and low intraday prices, as well as end-of-quarter closing prices on the relevant
exchange, of the Reference Stock for each quarter in the period from January 2, 2008 through May 24, 2013. We obtained the data
in these tables from the Bloomberg Professional
®
service, without independent verification by us. All historical
prices are denominated in US dollars and rounded to the nearest penny.
Historical prices of the Reference Stock should not
be taken as an indication of future performance of the Reference Stock.
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
|
Quarter Ending
|
Quarter High
|
Quarter Low
|
Quarter Close
|
March 31, 2008
|
$54.15
|
$45.24
|
$52.68
|
|
December 31, 2010
|
$55.72
|
$52.93
|
$53.93
|
June 30, 2008
|
$59.95
|
$52.81
|
$56.20
|
|
March 31, 2011
|
$57.89
|
$50.97
|
$52.05
|
September 30, 2008
|
$63.40
|
$55.34
|
$59.89
|
|
June 30, 2011
|
$56.47
|
$51.92
|
$53.14
|
December 31, 2008
|
$60.29
|
$47.40
|
$56.06
|
|
September 30, 2011
|
$54.81
|
$48.31
|
$51.90
|
March 31, 2009
|
$57.51
|
$46.25
|
$52.10
|
|
December 30, 2011
|
$60.00
|
$51.64
|
$59.76
|
June 30, 2009
|
$54.57
|
$47.64
|
$48.44
|
|
March 30, 2012
|
$62.63
|
$58.21
|
$61.20
|
September 30, 2009
|
$52.56
|
$47.35
|
$49.09
|
|
June 29, 2012
|
$69.72
|
$57.18
|
$69.72
|
December 31, 2009
|
$55.09
|
$48.73
|
$53.45
|
|
September 28, 2012
|
$75.24
|
$69.15
|
$73.80
|
March
31, 2010
|
$56.27
|
$52.52
|
$55.60
|
|
December 31, 2012
|
$77.50
|
$67.37
|
$68.23
|
June
30, 2010
|
$55.90
|
$48.01
|
$48.07
|
|
March 29, 2013
|
$75.11
|
$67.72
|
$74.83
|
September
30, 2010
|
$54.39
|
$47.77
|
$53.52
|
|
May 24, 2013*
|
$79.96
|
$74.92
|
$77.31
|
*
As of the date of this free writing prospectus available information for the second calendar quarter of 2013 includes data for
the period from April 1, 2013 through May 24, 2013. Accordingly, the “Quarterly High,” “Quarterly Low”
and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for second
calendar quarter of 2013.
The
graph below illustrates the daily performance of WMT’s common stock from May 24, 2008 through May 24, 2013 based on information
from the Bloomberg Professional
®
service. The market price of the Reference Stock on May 24, 2013 was $77.31.
Past
performance of the Reference Stock is not indicative of its future performance.
Illustrative ExampleS
The following examples are provided for illustrative
purposes only and are hypothetical.
These examples are representative of only a few possible scenarios concerning increases
or decreases in the prices of the Reference Stocks relative to their Initial Prices and how those increases and decreases affect
the Coupons payable on the Notes.
We cannot predict the Official Closing Prices of the Reference Stocks on the Coupon Valuation
Dates. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events, and you
should not take these examples as an indication or assurance of the expected performance of the Reference Stocks or the return
on the Notes.
The total payment you receive over the term of the Notes may be less than the amount that you would have received
from a conventional debt security with the same stated maturity, including those issued by HSBC.
The examples below illustrate the Coupon Payments
on a $1,000 investment in the Notes for a hypothetical range of performance for the Reference Stocks. The following results are
based solely on the assumptions outlined below. The potential returns described here show potential valuations for different Coupon
Valuation Dates during the term of the Notes. You should consider carefully whether the Notes are suitable to your investment
goals. The numbers appearing below have been rounded for ease of analysis.
}
|
Principal Amount:
|
$1,000
|
|
|
|
}
|
Hypothetical Minimum
Coupon Rate:
|
1.00% (The actual Minimum Coupon Rates corresponding to each offering of the Notes are specified on page FWP-3)
|
|
|
|
}
|
Hypothetical
Performance-Based
Coupon Rate:
|
6.00% (The actual Performance-Based Coupon Rates corresponding to each offering of the Notes are specified on page FWP-3)
|
The actual Initial Prices will be determined
on the Pricing Date.
Example 1: The Reference Stock Return for each
Reference Stock is greater than or equal to zero on the Coupon Valuation Date
Reference Stock
|
Hypothetical Reference
Stock Return
|
AAPL
|
12.00%
|
EBAY
|
2.50%
|
MO
|
5.00%
|
PEP
|
1.00%
|
WMT
|
2.00%
|
Minimum Coupon Rate =
|
1.00%
|
|
Performance-Based Coupon Rate =
|
6.00%
|
|
Coupon =
|
$70.00
|
|
|
|
|
|
Explanation for Example 1
As illustrated above, the hypothetical Reference
Stock Return for each of the 5 Reference Stocks is greater than or equal to zero. Therefore, even though the hypothetical Reference
Stock Return for one of the Reference Stocks is greater than the Performance-Based Coupon Rate plus the Minimum Coupon Rate, the
payment will be limited to the hypothetical Performance-Based Coupon Rate of 6.00% plus the hypothetical Minimum Coupon Rate of
1.00%. Therefore, you receive a Coupon of $70.00 on the applicable Coupon Payment Date.
Example 2: The Reference Stock Return for 1 of
the 5 Reference Stocks is less than zero on the Coupon Valuation Date
Reference Stock
|
Hypothetical Reference
Stock Return
|
AAPL
|
12.00%
|
EBAY
|
5.00%
|
MO
|
5.00%
|
PEP
|
0.00%
|
WMT
|
-4.00%
|
Minimum Coupon Rate =
|
1.00%
|
|
Performance-Based Coupon Rate =
|
6.00%
|
|
Coupon =
|
$10.00
|
|
|
|
|
|
Explanation for Example 2
As illustrated above, the hypothetical Reference
Stock Return of 4 of the 5 of the Reference Stocks (AAPL, EBAY, MO and PEP) is greater than or equal to zero. However, the Reference
Stock Return of 1 of the 5 Reference Stocks (WMT) is less than zero. Because the Reference Stock Return is less than zero for one
of the Reference Stocks, the Coupon will equal the Minimum Coupon Rate. Therefore, you receive a Coupon of $10.00 on the applicable
Coupon Payment Date.
Events of Default
and Acceleration
With respect to each offering of Notes, if such Notes
have become immediately due and payable following an event of default (as defined in the accompanying prospectus) with respect
to such Notes, the calculation agent will determine (i) the accelerated Payment at Maturity due and payable in the same general
manner as described in Payment at Maturity in this free writing prospectus and (ii) any accrued but unpaid interest payable.
In such a case, the business day immediately preceding the date of acceleration will be used as the Coupon Valuation Date for purposes
of determining the Coupon payable on the Notes on the accelerated Maturity Date. The accelerated Maturity Date will be the
third business day following the accelerated final Coupon Valuation Date.
If such Notes have become immediately due and payable
following an event of default, you will not be entitled to any additional payments with respect to such Notes. For more information,
see “Description of Debt Securities — Senior Debt Securities — Events of Default” in the prospectus.
Supplemental Plan
of Distribution (Conflicts of Interest)
We have appointed HSBC Securities (USA) Inc., an
affiliate of HSBC, as the agent for the sales of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities
(USA) Inc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page
of the pricing supplement to which this free writing prospectus relates, for distribution to other registered broker-dealers or
will offer the Notes directly to investors. HSBC Securities (USA) Inc. proposes to offer the Notes at the price to public set forth
on the cover page of this free writing prospectus. HSBC USA Inc. or one of our affiliates may pay varying underwriting discounts
of up to 4.35% and referral fees of up to 1.75% per $1,000 Principal Amount of Notes in connection with the distribution of the
Notes to other registered broker-dealers. In no case will the sum of the underwriting discounts and referral fees exceed 4.75%
per $1,000 Principal Amount.
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 support the Notes.
In addition, HSBC Securities (USA) Inc. or another
of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making transactions
after the initial sale of the Notes, but is under no obligation to make a market in the Notes and may discontinue any market-making
activities at any time without notice.
See “Supplemental Plan of Distribution (Conflicts
of Interest)” on page S-49 in the prospectus supplement.
U.S. Federal Income
Tax Considerations
You should carefully consider the matters set forth
in “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement. The following discussion summarizes
the U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition of the Notes. This summary supplements
the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement and supersedes it to
the extent inconsistent therewith.
There are no statutory provisions, regulations, published
rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that
are substantially the same as those of the Notes. We intend to treat the Notes as variable rate debt instruments for U.S. federal
income tax purposes. Pursuant to the terms of the Notes, you agree to treat the Notes as variable rate debt instruments for all
U.S. federal income tax purposes and, based on certain factual representations received from us, in the opinion of Morrison &
Foerster LLP, our special U.S. tax counsel, it is reasonable to treat the Notes as variable rate debt instruments. Assuming the
Notes are treated as variable rate debt instruments, Coupons paid on the Notes generally should be taxable to you as ordinary interest
income at the time they accrue or are received in accordance with the your regular method of accounting for U.S. federal income
tax purposes. You should review the discussion set forth in “U.S. Federal Income Tax Considerations — U.S. Federal
Income Tax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes — Variable Rate Debt Instruments”
in the accompanying prospectus supplement. In general, gain or loss realized on the sale, exchange or other disposition of the
Notes will be capital gain or loss.
We will not attempt to ascertain whether any Reference
Stock Issuer would be treated as a passive foreign investment company (“PFIC”) or a United States real property holding
corporation (“USRPHC”), both as defined for U.S. federal income tax purposes. If a Reference Stock Issuer were so treated,
certain adverse U.S. federal income tax consequences might apply. You should refer to information filed with the SEC by the Reference
Stock Issuers and consult your tax advisor regarding the possible consequences to you if a Reference Stock Issuer is or becomes
a PFIC or a USRPHC.
Because there are no statutory provisions, regulations,
published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with
terms that are substantially the same as those of the Notes, other characterizations and treatments are possible. As a result,
the timing and character of income in respect of the Notes might differ from the treatment described above. For example, the Notes
may be treated as “contingent payment debt instruments” for U.S. federal income tax purposes, subject to taxation under
the “noncontingent bond method,” as described in the discussion under “U.S. Federal Income Tax Considerations
— U.S. Federal Income Tax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes — Contingent
Payment Debt Instruments” in the accompanying prospectus supplement. You should carefully consider the discussion of all
potential tax consequences as set forth in “U.S. Federal Income Tax Considerations” in the accompanying prospectus
supplement.
Withholding and reporting requirements under the
legislation enacted on March 18, 2010 (as discussed beginning on page S-48 of the prospectus supplement) will generally apply to
payments made after December 31, 2013. However, this withholding tax will not be imposed on payments pursuant to obligations outstanding
on January 1, 2014. Additionally, withholding due to any payment being treated as a “dividend equivalent” (as discussed
beginning on page S-47 of the prospectus supplement) will begin no earlier than January 1, 2014. Holders are urged to consult with
their own tax advisors regarding the possible implications of this recently enacted legislation on their investment in the Notes.
PROSPECTIVE PURCHASERS OF THE NOTES SHOULD CONSULT
THEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION
OF THE NOTES.
TABLE
OF CONTENTS
|
|
|
You should only rely on the
information contained in this free writing prospectus, the accompanying Stock-Linked Underlying Supplement, prospectus supplement
and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not
contained in this free writing prospectus, the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus.
If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the
accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and
these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You
should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Stock-Linked
Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.
HSBC
USA Inc.
$ 7 Year Income Plus Notes with
a 1.00% Minimum Annual Coupon
$ 7
Year Income Plus Notes with
a 0.50% Minimum Annual Coupon
June
3, 2013
FREE
WRITING PROSPECTUS
|
|
|
|
Free
Writing Prospectus
|
|
|
General
|
FWP-5
|
|
Payment at Maturity
|
FWP-5
|
|
Investor Suitability
|
FWP-6
|
|
Risk Factors
|
FWP-6
|
|
Description of the Reference Stocks.
|
FWP-9
|
|
Illustrative Examples
|
FWP-14
|
|
Events of Default and Acceleration
|
FWP-16
|
|
Supplemental Plan of Distribution (Conflicts of Interest)
|
FWP-16
|
|
U.S. Federal Income Tax Considerations
|
FWP-17
|
|
|
|
|
Stock-Linked Underlying Supplement
|
|
|
Risk Factors
|
S-1
|
|
Additional Note Terms
|
S-5
|
|
Information Regarding the Reference
Stocks and the Reference Stock Issuers
|
S-11
|
|
|
|
|
Prospectus
Supplement
|
|
|
Risk Factors
|
S-3
|
|
Risks Relating to
Our Business
|
S-3
|
|
Risks Relating to
All Note Issuances
|
S-3
|
|
Pricing Supplement
|
S-7
|
|
Description of Notes
|
S-8
|
|
Use of Proceeds and Hedging
|
S-30
|
|
Certain ERISA Considerations
|
S-30
|
|
U.S. Federal Income Tax Considerations
|
S-32
|
|
Supplemental Plan of Distribution (Conflicts of Interest)
|
S-49
|
|
|
|
|
Prospectus
|
|
|
About this Prospectus
|
1
|
|
Risk Factors
|
1
|
|
Where You Can Find More Information
|
1
|
|
Special Note Regarding Forward-Looking Statements
|
2
|
|
HSBC USA Inc.
|
3
|
|
Use of Proceeds
|
3
|
|
Description of Debt Securities
|
3
|
|
Description of Preferred Stock
|
15
|
|
Description of Warrants
|
21
|
|
Description of Purchase Contracts
|
25
|
|
Description of Units
|
28
|
|
Book-Entry Procedures
|
30
|
|
Limitations on Issuances in Bearer Form
|
35
|
|
U.S. Federal Income Tax Considerations Relating to Debt
Securities
|
35
|
|
Plan of Distribution (Conflicts of Interest)
|
51
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Notice to Canadian Investors
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53
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Notice to EEA Investors
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58
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Certain ERISA Matters
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59
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Legal Opinions
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60
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Experts
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60
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Full Circle Capital Corp. (MM) (NASDAQ:FULL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Full Circle Capital Corp. (MM) (NASDAQ:FULL)
Historical Stock Chart
From Jul 2023 to Jul 2024