New Issue: HSBC prices $65,000 barrier uncapped participation notes on S&P, Russell

By Taylor Fox

New York, Sept. 14 – HSBC USA Inc. priced $65,000 of 0% barrier uncapped market participation securities due Feb. 28, 2022 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of each index is positive, the payout at maturity will be par plus 110% of the least-performing index’s return.

If the return of the least-performing index is less than or equal to zero but greater than or equal to negative 20%, the payout will be par.

If the return of any index is less than negative 20%, investors will lose 1% for every 1% that the least-performing index declines from its initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Barrier uncapped market participation securities
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$65,000
Maturity:	Feb. 28, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each index is positive, par plus 110% of least-performing index’s return; if return of least-performing index is less than or equal to zero but greater than or equal to negative 20%, par; if return of worst index is less than negative 20%, 1% loss for every 1% that least-performing index declines from initial level
Initial levels:	3,478.73 for S&P and 1,560.193 for Russell
Barrier levels:	80% of initial levels
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Underwriter:	HSBC Securities (USA) Inc.
Fees:	1.5%
Cusip:	40438CSY8

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