HSBC is offering a seven-year structured product with capital protection that allows full participation in an index thanks to the low volatility of the underlying. Although the product is a hybrid between a principal protected note and an autocall, the fact that it cannot return less than 100% means that its price will increase with the volatility of the underlying. According to FVC pricing estimates, the same structure linked to the S&P 500 Index would cost around 7% more upfront. The new

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