New Issue: HSBC sells $1.01 million dual directional barrier notes on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, Nov. 20 – HSBC USA Inc. priced $1.01 million of 0% dual directional barrier securities due Nov. 20, 2020 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout will be par plus the return of the worse performing index, subject to a maximum gain of 15.5%.

If the least performing index falls by up to 34%, the payout will be par plus the absolute value of its return.

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:	Dual directional barrier securities
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$1,008,000
Maturity:	Nov. 20, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above initial level, par plus return of worse performing index, subject to maximum gain of 15.5%; if lesser performing index falls by up to 34%, par plus absolute value of its return; otherwise, 1% loss per 1% drop of worse performing index
Initial levels:	2,730.2 for S&P and 1,524.122 for Russell
Barrier levels:	1,801.93 for S&P, 1,005.921 for Russell, 66% of initial levels
Pricing date:	Nov. 15
Settlement date:	Nov. 20
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40435UAE4

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