By Susanna Moon
Chicago, May 1 – HSBC USA Inc. priced $2 million of 0% airbag return optimization securities due April 30, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 150% of any fund gain, up to a maximum return of 34.5%.
Investors will receive par if the fund falls by up to 15% and will lose 1.1765% for every 1% decline beyond 15%.
HSBC Securities (USA) Inc. is the underwriter with UBS Financial Services Inc. as agent.
Issuer: | HSBC USA Inc.
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Issue: | Airbag return optimization securities
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Underlying fund: | iShares MSCI Emerging Markets ETF
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Amount: | $2 million
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Maturity: | April 30, 2018
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any fund gain, capped at 34.5%; par if fund declines by 15% or less; 1.1765% loss for every 1% drop beyond 15%
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Initial level: | $44.09
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Pricing date: | April 28
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Settlement date: | April 30
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Agents: | HSBC Securities (USA) Inc. with UBS Financial Services Inc.
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Fees: | 2.5%
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Cusip: | 40434G510
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