New Issue: HSBC prices $2.62 million trigger gears linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 4 – HSBC USA Inc. priced $2.62 million of 0% trigger gears due Feb. 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than zero, the payout at maturity will be par of $10 plus 1.225 times the index return. Investors will receive par if the index declines by 25% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 25%.

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

Issuer:	HSBC USA Inc..
Issue:	Trigger gears
Underlying index:	S&P 500
Amount:	$2,622,540
Maturity:	Feb. 28, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is greater than zero, par plus 1.225 times index return; par if index declines by downside threshold or less; full exposure to index’s decline from initial level if index declines by more than downside threshold
Initial level:	3,128.21
Downside threshold:	2,346.16, or 75% of initial level
Pricing date:	Feb. 25
Settlement date:	Feb. 28
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	0%
Cusip:	40438G508

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