New Issue: HSBC sells $3.8 million capped trigger gears tied to MSCI Emerging Markets

By Wendy Van Sickle

Columbus, Ohio, Jan. 4 – HSBC USA Inc. priced $3.8 million of 0% capped trigger gears due Dec. 29, 2023 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, up to a maximum return of 28.5%.

If the index falls by up to 25%, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

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

Issuer:	HSBC USA Inc.
Issue:	Capped trigger gears
Underlying index:	MSCI Emerging Markets index
Amount:	$3,802,000
Maturity:	Dec. 29, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 2 times any index gain, capped at 28.5%; if index falls by up to 25%, par; otherwise, 1% for each 1% decline
Initial level:	1,266.77
Downside threshold:	950.08, 75% of initial level
Pricing date:	Dec. 29
Settlement date:	Dec. 31
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	2.5%
Cusip:	40438Q282

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