HSBC planning issue of trigger gears linked to iShares MSCI EAFE ETF

By Angela McDaniels

Tacoma, Wash., April 29 – HSBC USA Inc. plans to price 0% trigger gears due May 28, 2021 linked to the iShares MSCI EAFE exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

If the ETF return is greater than zero, the payout at maturity will be par of $10 plus 1.68 to 1.78 times the ETF return. The exact upside gearing will be set at pricing. Investors will receive par if the ETF declines by 25% or less and be fully exposed to the ETF’s decline from its initial share price if it declines by more than 25%.

HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as agent.

The notes are expected to price May 25.

The Cusip number is 40434N218.

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