New Issue: HSBC prices $613,000 digital dual directional notes linked to S&P 500

By Susanna Moon

Chicago, Dec. 29 – HSBC USA Inc. priced $613,000 of 0% digital dual directional notes due Dec. 29, 2020 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

If the index finishes above the 80% barrier level, the payout at maturity will be par plus the greater of the index return and the minimum upside return of 23%.

Otherwise, the payout will be par plus the return, with full exposure to any losses.

J.P. Morgan Securities LLC is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional notes
Underlying index:	S&P 500
Amount:	$613,000
Maturity:	Dec. 29, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes above 80% barrier level, par plus any index gain, floor of 23%; otherwise, par plus the return, with full exposure to any losses
Initial level:	2,064.29
Barrier level:	80% of initial level
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	HSBC Securities (USA) Inc.
Fees:	3.75%
Cusip:	40433UDX1

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