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HSBC to price trigger performance notes tied to Vanguard FTSE EM
By Marisa Wong
Madison, Wis., June 5 – HSBC USA Inc. plans to price 0% trigger performance securities due June 30, 2020 linked to the Vanguard FTSE Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 124% to 134% of any fund gain. The exact participation rate will be set at pricing.
If the fund falls by up to the 75% trigger level, the payout will be par.
Otherwise, investors will be fully exposed to any losses.
HSBC Securities (USA) Inc. is the underwriter. UBS Financial Services Inc. is agent.
The notes will price June 25 and settle June 30.
The Cusip number is 40434E101.
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