By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – HSBC USA Inc. priced $703,000 of 0% dual directional barrier securities due Oct. 30, 2024 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of each index is greater than its initial level, the payout at maturity will be par plus 1.17 times the lesser-performing index’s return.
If the final level of either index is less than or equal to its initial level but neither underlying finishes below its trigger value, 80% of its initial level, the payout will be par plus the absolute value of the lesser-performing underlying’s return.
If either index finishes below its trigger value, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
HSBC Securities (USA) Inc. is the underwriter.
| Issuer: | HSBC USA Inc.
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| Issue: | Dual directional barrier securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $703,000
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| Maturity: | Oct. 30, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus 1.17 times the lesser-performing index’s return; if lesser-performing index falls by up to 20%, par plus absolute value of its return; otherwise, 1% loss for every 1% that lesser-performing index’s final level is less than initial level
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| Initial levels: | 3,390.68 for S&P and 1,590.482 for Russell 2000
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| Trigger levels: | 80% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Underwriter: | HSBC Securities (USA) Inc.
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| Fees: | 2.25%
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| Cusip: | 40438CXV8
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