New Issue: HSBC sells $6.98 million capped gears linked to iShares MSCI EM

By Marisa Wong

Morgantown, W.Va., April 10 – HSBC USA Inc. priced $6.98 million of 0% capped gears due May 31, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is greater than zero, the payout at maturity will be par of $10 plus 3 times the fund return, subject to a maximum gain of 18%. Investors will be fully exposed to any fund decline.

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

Issuer:	HSBC USA Inc.
Issue:	Capped gears
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$6,981,500
Maturity:	May 31, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	If the fund return is greater than zero, par plus 3 times the fund return, subject to a maximum gain of 18%; full exposure to any fund decline
Initial level:	$39.81
Pricing date:	March 28
Settlement date:	March 31
Agents:	HSBC Securities (USA) Inc. and UBS Financial Services Inc.
Fees:	2%
Cusip:	40435H715

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