New Issue: HSBC prices $2.79 million trigger PLUS linked to iShares MSCI Emerging Markets

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – HSBC USA Inc. priced $2.79 million of 0% trigger Performance Leveraged Upside Securities due Aug. 3, 2023 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par of $10 plus 150% of the ETF return, subject to a maximum payment of $24.50 per $10.00 principal amount of notes. Investors will receive par if the ETF declines by 20% or less and will be fully exposed to the ETF’s decline from its initial share price if it falls by more than 20%.

HSBC Securities (USA) Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.

Issuer:	HSBC USA Inc.
Issue:	Trigger Performance Leveraged Upside Securities
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$2,791,350
Maturity:	Aug. 3, 2023
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If final share price is greater than initial share price, par plus 150% of ETF return, subject to maximum payment of $24.50 per $10.00 principal amount; if final share price is less than or equal to initial share price but greater than or equal to trigger price, par plus absolute value of ETF return; if final share price is less than trigger price, exposure to decline from initial share price
Initial share price:	$43.80
Trigger level:	$35.04, 80% of initial share price
Pricing date:	July 31
Settlement date:	Aug. 3
Agent:	HSBC Securities (USA) Inc.
Distribution:	Morgan Stanley Wealth Management
Fees:	3.5%
Cusip:	40435G873

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