New Issue: HSBC sells $630,000 autocallable barrier notes with step-up premium on Russell, EM ETF

By Kiku Steinfeld

Chicago, Sept. 6 – HSBC USA Inc. priced $630,000 of 0% autocallable barrier notes with step-up premium due Jan. 26, 2026 linked to the lesser performing of the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each asset closes at or above its initial level on any annual observation date. The call premium is 11.55% per year.

The payout will be par unless any asset has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying assets:	Russell 2000 index, iShares MSCI Emerging Markets ETF
Amount:	$630,000
Maturity:	Jan. 26, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless either asset has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing asset from its initial level
Call:	At par plus a call premium if each asset closes at or above its initial level on any annual observation date; call premium is 11.55% per year
Initial index levels:	1,987.918 for index, $49 for ETF
Barrier levels:	1,391.5426 for index, $34.30 for ETF; 70% of initial levels
Pricing date:	Jan. 21, 2022
Settlement date:	Jan. 26, 2022
Agent:	HSBC Securities (USA) Inc.
Fees:	0%
Cusip:	40439JXF7

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