New Issue: HBSC sells $12.05 million dual directional buffered participation securities on S&P

By William Gullotti

Buffalo, N.Y., March 3 – HSBC USA Inc. priced $12.05 million of 0% dual directional buffered participation securities due March 5, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the initial level, the payout at maturity will par plus 1.5 times the return of the index, capped at par plus 20.35%.

If the index falls but by no more than the 15% buffer, the payout will be par plus the absolute value of the return.

Otherwise, investors will lose 1% for every 1% decline beyond 15%.

HSBC Securities (USA) Inc.is the agent with Morgan Stanley Wealth Management acting as a dealer.

Issuer:	HSBC USA Inc.
Issue:	Dual directional buffered participation notes
Underlying index:	S&P 500 index
Amount:	$12,050,400
Maturity:	March 5, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes at or above the initial level, par 1.5 times the return of the index, capped at par plus 20.35%; if the index falls but by no more than the 15% buffer, par plus the absolute value of the return; if the index falls by more than 15%, 1% loss for every 1% decline beyond 15%
Initial level:	3,970.15
Buffer level:	85% of initial level
Pricing date:	Feb. 28
Settlement date:	March 3
Agent:	HSBC Securities (USA) Inc. with Morgan Stanley Wealth Management as a dealer
Fees:	2.5%
Cusip:	40441B157

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