New Issue: HSBC prices $18.5 million capped buffer gears on Russell 2000

By Wendy Van Sickle

Columbus, Ohio, Jan. 20 – HSBC USA Inc. priced $18.5 million of 0% capped buffer gears due Aug. 6, 2026 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus 1.7294 times any index gain if the index finishes above 130% of its initial level or 1.26 times any index gain if the index finishes between 100% and 130% of its initial level, up to a maximum payout of par plus 67.2%.

If the index declines up to 7%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline below 7%.

UBS Financial Services Inc. and HSBC USA Inc. are the agents.

Issuer:	HSBC USA Inc.
Issue:	Capped buffer gears
Underlying index:	Russell 2000 index
Amount:	$18.5 million
Maturity:	Aug. 6, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.7294 times any index gain if it finishes above 130% of its initial level or 1.26 times any index gain if it finishes between 100% and 130% of its initial level, capped at par plus 67.2%; if the index declines up to 7%, par; otherwise, 1% loss per 1% decline below 7%
Initial level:	Average of closing levels from Jan. 12 through Jan. 25
Final level:	Average of closing levels from May 4, 2026 and Aug. 3, 2026
Pricing date:	Jan. 14
Settlement date:	Jan. 20
Agents:	UBS Financial Services Inc. and HSBC USA Inc.
Fees:	0.25%
Cusip:	40439N841

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