New Issue: HSBC prices $3.15 million capped dual directional barrier notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Nov. 6 – HSBC USA Inc. priced $3.15 million of 0% capped dual directional barrier notes due Nov. 1, 2022 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.2 times any index gain, subject to a maximum return of 59%.

If the index falls by up to 30%, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Capped dual directional barrier notes
Underlying index:	S&P 500
Amount:	$3.15 million
Maturity:	Nov. 1, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus 1.2 times return, with gain capped at 59%; if index falls by up to 30%, par plus absolute value of return otherwise, 1% loss for each 1% decline
Initial index level:	2,581.07
Trigger level:	1,806.75, 70% of initial level
Pricing date:	Oct. 27
Settlement date:	Nov. 1
Agent:	HSBC Securities (USA) Inc.
Fees:	3%
Cusip:	40435FLB1

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