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HSBC plans five-year trigger gears linked to the S&P 500 index
New York, May 3 – HSBC USA Inc. plans to price 0% trigger gears securities due May 31, 2023 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the initial level, the payout at maturity will be par plus the upside gearing of between 1.27 times and 1.37 times the gain. The exact upside gearing will be set at pricing.
If the index falls but finishes at or above the 75% downside threshold level, the payout will be par.
If the index falls by more than 25%, investors will lose 1% for each 1% decline of the index from its initial level.
UBS Financial Services Inc. and HSBC USA Inc. are the agents.
The notes will price on May 25 and settle on May 31.
The Cusip number is 40435M375.
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