New Issue: HSBC sells $828,000 digital dual directional barrier notes on S&P, Dow

By Susanna Moon

Chicago, Nov. 13 – HSBC USA Inc. priced $828,000 of 0% digital dual directional barrier notes due Nov. 3, 2022 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus 1.11 times the gain of the worse performing index.

If either index falls but finishes at or above its 70% trigger level, the payout will be par plus the absolute value of the return of the worse performing index.

Otherwise, investors will lose 1% for each 1% decline of the worse performing index.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional barrier notes
Underlying indexes:	S&P 500 index and Dow Jones industrial average
Amount:	$828,000
Maturity:	Nov. 3, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 1.11 times grain of worse performing index; of either index falls by up to 70% trigger, par plus absolute return of worse performing index; otherwise, 1% loss per 1% decline of worse performing index
Initial index levels:	2,590.64 for S&P, 23,557.23 for Dow
Barrier levels:	1,813.448 for S&P, 16,490.061 for Dow, 70% of initial levels
Pricing date:	Nov. 7
Settlement date:	Nov. 10
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40435FLF2

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