New Issue: HSBC sells $2 million capped buffer in-gears linked to Russell

By Taylor Fox

New York, Feb. 22 – HSBC USA Inc. priced $2 million of 0% capped buffer in-gears due Jan. 6, 2026 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above 88% of the initial level, the payout at maturity will be par plus – the return of the index plus a 12% buffer times the 0.785 upside gearing, up to a maximum payout of par plus 39.25%.

If the index finishes below the 88% downside threshold, investors will lose 1% for every 1% index decline beyond the 12% buffer.

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

Issuer:	HSBC USA Inc.
Issue:	Capped buffer in-gears
Underlying index:	Russell 2000 index
Amount:	$2 million
Maturity:	Jan. 6, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above 88% of the initial level, par plus a positive amount equal to par plus the return of the index plus a 12% buffer times the 0.785 upside gearing, with a maximum return of par plus 39.25%; otherwise, 1% loss for every 1% index decline beyond 12% buffer
Initial level:	Average of index closing levels over three-month period from Feb. 11 to and including May 11
Final level:	Average of index closing levels over the three-month period from Oct. 1, 2025 to and including Dec. 31, 2025
Pricing date:	Feb. 12
Settlement date:	Feb. 17
Agents:	HSBC USA Inc. and UBS Financial Services Inc.
Fees:	0.5%
Cusip:	40438U846

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