HSBC to price trigger performance notes tied to Vanguard FTSE EM

By Toni Weeks

San Luis Obispo, Calif., Jan. 5 – HSBC USA Inc. plans to price 0% trigger performance securities due Jan. 31, 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 125% to 135% of any fund gain. The exact participation rate will be set at pricing.

Investors will receive par if the fund falls by up to 25% and will be fully exposed to losses from the initial level if it falls by more than 25%.

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

The notes (Cusip: 40434F611) will price Jan. 27 and settle Jan. 30.

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