HSBC plans to price capped gears due 2020 tied to EM ETF

By Sarah Lizee

Olympia, Wash., July 9 – HSBC USA Inc. plans to price 0% capped gears due Sept. 30, 2020 linked to the iShares MSCI Emerging Markets ETF, according to an FWP filing with the Securities and Exchange Commission.

If the fund finishes above its initial level, the payout at maturity will be par plus 3 times the gain, up to a maximum return of 15.25% to 17.25%.

If the index return is negative, investors will lose 1% for each 1% decline.

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

The notes will price on July 26.

The Cusip number is 40436B469.

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