New Issue: HSBC sells $1.9 million trigger step securities tied to S&P 500

By Sarah Lizee

Olympia, Wash., Dec. 6 – HSBC USA Inc. priced $1.9 million of 0% trigger step securities due Nov. 30, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par of $10 plus the greater of the gain and the 27.7% step return.

Investors will receive par if the index falls by up to 25% and will be fully exposed to any losses if the index finishes below the 75% trigger level.

UBS Financial Services Inc. and HSBC Securities (USA) Inc are the agents.

Issuer:	HSBC USA Inc.
Issue:	Trigger step securities
Underlying index:	S&P 500
Amount:	$1,896,200
Maturity:	Nov. 30, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index gains, par plus greater of return and 27.7%; par if the index falls by up to 25%; full exposure to any losses if the index finishes below the trigger level
Initial level:	2,682.17
Trigger level:	2,682.17, 75% of initial level
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc
Fees:	3%
Cusip:	40436A784

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