Starting in China, the UK bank today has traded the first tranche of structured deposits tracking the performance of a target vol strategy.

With a two-year tenor, the product linked to the Morningstar Exponential Technologies ESG Screened Target Volatility 7% Select Index includes an Asian up-and-out option offering full principal protection if held till maturity. The HSBC structured deposits that track the index offer principal protection and additional upside linked to the performance of carefully selected companies -  Romain Benvenuto, HSBC The CNY-denominated deposit will deliver a coupon of 7.5% if the performance leve