HSBC plans dual directional trigger jump notes tied to iShares MSCI EM

By Angela McDaniels

Tacoma, Wash., Nov. 6 – HSBC USA Inc. plans to price 0% dual directional trigger jump securities due Dec. 5, 2022 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

If the final share price is greater than or equal to the initial share price, the payout at maturity will be par of $10 plus the greater of the ETF return and the digital return, which is expected to be 25.5% and will be set at pricing.

If the final share price is less than the initial share price but greater than or equal to the trigger level, the payout will be par plus the absolute value of the ETF return. The trigger level will be 80% of the initial share price.

If the final share price is less than the trigger level, investors will be exposed to the decline from the initial share price.

HSBC Securities (USA) Inc. is the agent. Morgan Stanley Wealth Management is handling distribution.

The notes will price Nov. 30.

The Cusip number is 40435H236.

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