New Issue: HSBC sells $8.11 million dual directional trigger notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – HSBC USA Inc. priced $8.11 million of 0% dual directional trigger securities due Feb. 3, 2022 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par of $10 plus the index gain.

If the index finishes flat or falls by up to 25%, the payout will be par plus the absolute value of the index return.

If the index finishes below the 75% trigger level, investors will lose 1% for every 1% that the index declines from its initial level.

Morgan Stanley & Co. LLC is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional trigger securities
Underlying index:	S&P 500
Amount:	$8,111,370
Maturity:	Feb. 3, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above initial level, par plus index return; if index finishes flat or falls by up to 25%, par plus absolute value of index return; if index finishes below trigger level, 1% loss for every 1% that index declines from initial level
Initial index level:	2,816.29
Trigger level:	2,112.2175, 75% of initial level
Pricing date:	July 31
Settlement date:	Aug. 3
Agent:	Morgan Stanley & Co. LLC
Fees:	3%
Cusip:	40435X850

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