New Issue: HSBC prices $1.18 million 0% airbag performance notes linked to S&P 500

By Marisa Wong

Madison, Wis., March 28 - HSBC USA Inc. priced $1.18 million of 0% airbag performance securities due March 29, 2018 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 110% of any index gain.

Investors will receive par if the index falls by up to 25% and will lose 1.3333% per 1% decline beyond 25%.

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

Issuer:	HSBC USA Inc.
Issue:	Airbag performance securities
Underlying index:	S&P 500 index
Amount:	$1,177,000
Maturity:	March 29, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 110% of index gain; par if index falls by up to 25%; 1.3333% loss per 1% decline beyond 25%
Initial level:	1,852.56
Pricing date:	March 26
Settlement date:	March 31
Agents:	HSBC Securities (USA) Inc. and UBS Financial Services Inc.
Fees:	None
Cusip:	40434C873

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