HSBC to issue dual directional digital plus notes linked to ETFs

By Emma Trincal

New York, April 13 – HSBC USA Inc. will settle 0% dual directional digital plus securities due April 14, 2026 linked to the least performing of the of iShares MSCI EAFE exchange-traded fund, the iShares MSCI Emerging Markets ETF and the iShares Russell 2000 Value ETF, according to an FWP filing with the Securities and Exchange Commission.

If the least-performing ETF’s final level is greater than or equal to its initial level, the payout at maturity will be par plus the greater of the least-performing ETF’s return and 52%.

If the least-performing ETF’s final level is less than its initial level but greater than or equal to its barrier level, 70% of its initial level, the payout will be par plus the absolute value of the least-performing ETF’s return.

If the least-performing ETF’s final level is less than its barrier level, investors will lose 1% for every 1% that the least-performing ETF declines.

HSBC Securities (USA) Inc. is the agent.

The notes were expected to price on April 9 and to settle on April 14.

The Cusip number is 40428HQC9.

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