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. In addition to the above, companies must satisfy one of the two following combined size and liquidity criteria:. Final Level on the. Accordingly, you should be able and willing to hold your securities to maturity. If the securities are not subject to Early Redemption, the Redemption Amount will be determined as follows:
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Events of Default and Acceleration. The length of time. Are Not Bank Guaranteed. These costs, except for the underwriting discount, will be used or retained by us or one of our affiliates. Credit losses resulting from dnt difficulties of borrowers can negatively impact the sector.
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Such hedging or trading activities on or prior to the Trade Date and during the term of the securities including on the Valuation Date could adversely affect the value of the Underlyings and, as a result, could decrease the ft you may receive on the securities at maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or factors. Thus, the depreciation of any basket component could be mitigated by the appreciation of another basket component, to the extent of the weightings of such components in the basket.
See the prospectus for more complete information.
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Investors can buy and sell the ETNs on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early redemption based on the performance of the Index less investor fees. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
IRS Circular Disclosure: Although the offering relates to a Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the Reference Asset or any stock held by the Reference Asset or as to the suitability of an investment in the Notes.
The index is unmanaged, and you cannot invest directly in the index. Any representation to the contrary is a criminal offense. The market value of the Notes at any time will reflect many factors and cannot be predicted with accuracy. Different pricing models and assumptions could provide valuations for the Notes that are different from our Estimated Initial Value.
If the securities are redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that yield as much interest as the securities.
The strategy rebalances monthly and is non-discretionary. If a Knock-In Event occurs during any quarterly Observation Period, interest for that quarterly period and each subsequent quarterly interest period will be paid at an Applicable Rate per annum that is expected to be 3. Please see “Risk Factors” in the applicable disclosure supplement and underlying supplement and “Selected Risk Considerations” in the term sheet for additional information.
You should read this document together with the prospectus dated March 5,the prospectus supplement dated March 5, and the ETF Underlying Supplement dated March 5, As a result, the return on an investment in the Notes may be less than the return on a direct investment in the Reference Asset.
There is no guarantee that you will receive at maturity, or upon an earlier repurchase, your initial investment back or any return on that investment.
This in turn could adversely impact the market value of the Notes and decrease the amount payable at maturity. Your investment will be exposed on a 1-to-1 basis to any decline in the Final Price of the Reference Asset as compared to the Initial Price.
An investment in the Notes involves significant risks.
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As a result, the stocks that will determine the performance of the Reference Asset are concentrated in one sector.
Investing in the Notes is not uu506 to investing directly in the Reference Asset or any stock held by the Reference Asset.
This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the Reference Asset.
The Valuation Date for any Underlying not affected by a market disruption event will be the scheduled Valuation Date for such Underlying. Neither HSBC nor any of iw affiliates has made any independent investigation as to the information about the Reference Asset that is contained in ke pricing supplement. Dated May 23, The amount of the stated interest rate on the security that constitutes interest on the Deposit as defined in the accompanying product supplement equals 0.
Prospectus Supplement dated March 25, and. Because other dealers are not likely to make a secondary market lw the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which Credit Suisse or its affiliates is willing to buy the securities.