New Issue: HSBC sells $940,500 three-year capped trigger gears linked to S&P 500

By Marisa Wong

Los Angeles, April 13 – HSBC USA Inc. priced $940,500 of 0% capped trigger gears due March 31, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, capped at par plus 28%.

If the index falls by up to 25%, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

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

Issuer:	HSBC USA Inc.
Issue:	Capped trigger gears
Underlying index:	S&P 500 index
Amount:	$940,500
Maturity:	March 31, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 2 times any index gain, capped at par plus 28%; if index falls by up to 25%, par; otherwise, 1% loss for each 1% decline below initial level
Initial level:	2,630.07
Downside threshold:	1,972.55, 75% of initial level
Pricing date:	March 26
Settlement date:	March 31
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	2.5%
Cusip:	40438J809

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