HSBC to price capped gears on iShares MSCI Emerging Markets ETF

By Marisa Wong

Morgantown, W.Va., March 20 – HSBC USA Inc. plans to price 0% capped gears due May 31, 2019 linked to the iShares MSCI Emerging Markets 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 3 times the ETF return, subject to a maximum gain that is expected to be 15.8% to 17.8% and will be set at pricing. If the ETF return is negative, investors will be exposed to the ETF’s decline.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

The notes will price on March 26.

The Cusip number is 40435M789.

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