New Issue: HSBC sells $706,000 digital barrier notes on iShares MSCI EM

By Marisa Wong

Morgantown, W.Va., Feb. 22 – HSBC USA Inc. priced $706,000 of 0% digital barrier notes due Feb. 26, 2024 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund finishes at or above its initial level, the payout will be par plus the greater of the return and the minimum upside return of 33%.

If the fund falls by up to 30%, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital barrier notes
Underlying fund:	iShares MSCI Emerging Markets ETF
Amount:	$706,000
Maturity:	Feb. 26, 2024
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If fund gains, par plus greater of fund return and 33%; if fund falls by up to 30%, par; if fund falls by more than 30%, full exposure to any losses
Initial level:	$49.54
Pricing date:	Feb. 16
Settlement date:	Feb. 26
Agent:	HSBC Securities (USA) Inc.
Fees:	3.25%
Cusip:	40435FSG3

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