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HSBC plans airbag return optimization notes linked to iShares MSCI EM
By Angela McDaniels
Tacoma, Wash., April 17 – HSBC USA Inc. plans to price 0% airbag return optimization securities due April 30, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
If the ETF's return is positive, the payout at maturity will be par plus 150% of the ETF's return, subject to a maximum return of 32% to 36% that will be set at pricing.
If the ETF's return is zero or negative but the ETF does not decline by more than 15%, the payout will be par.
If the ETF declines by more than 15%, investors will lose 1.1765% for every 1% that it declines beyond 15%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as agent.
The notes are expected to price April 28 and settle April 30.
The Cusip number is 40434G510.
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