HSBC to price trigger PLUS linked to iShares MSCI Emerging Markets

By Angela McDaniels

Tacoma, Wash., July 24 – HSBC USA Inc. plans to price 0% trigger Performance Leveraged Upside Securities due Aug. 3, 2023 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 positive, the payout at maturity will be par of $10 plus 150% of the ETF return, subject to a maximum payment of $24.50 per $10.00 principal amount of notes. Investors will receive par if the ETF declines by 20% or less and will be fully exposed to the ETF’s decline from its initial share price if it falls by more than 20%.

HSBC Securities (USA) Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.

The notes will price July 31.

The Cusip number is 40435G873.

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