New Issue: HSBC sells $4.88 million trigger gears tied to MSCI EM index

By Kiku Steinfeld

Chicago, May 3 – HSBC USA Inc. priced $4.88 million of 0% trigger gears due April 20, 2026 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 of $10 plus 1.11 times any index gain.

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:	Trigger gears
Underlying index:	MSCI Emerging Markets index
Amount:	$4,883,020
Maturity:	April 20, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.11 times any index gain; if index falls by up to 25%, par; otherwise, 1% for each 1% decline from the initial level of the index
Initial level:	1,348.69
Downside threshold:	1,011.52, 75% of initial level
Pricing date:	April 16
Settlement date:	April 20
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	3.5%
Cusip:	61772X147

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