New Issue: HSBC prices $1.43 million capped trigger gears linked to iShares MSCI EM

By Angela McDaniels

Tacoma, Wash., Feb. 28 – HSBC USA Inc. priced $1.43 million of 0% capped trigger gears due Feb. 28, 2022 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is greater than zero, the payout at maturity will be par of $10 plus two times the ETF return, subject to a maximum return of 52.2%. Investors will receive par if the ETF declines by 25% or less and have one-to-one exposure to the ETF’s decline from its initial share price if it declines by more than 25%.

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

Issuer:	HSBC USA Inc.
Issue:	Capped trigger gears
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$1,425,650
Maturity:	Feb. 28, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If ETF return is greater than zero, par plus two times ETF return; par if ETF declines by 25% or less; full exposure to ETF’s decline from initial share price if ETF declines by more than 25%
Initial share price:	$43.37
Downside threshold:	$32.53, 75% of initial level
Pricing date:	Feb. 26
Settlement date:	Feb. 28
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	None
Cusip:	40436A339

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