New Issue: HSBC sells $1.5 million autocallable barrier notes with step-up premium on indexes

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – HSBC USA Inc. priced $1.5 million of 0% autocallable barrier notes with step-up premium due Feb. 3, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each index closes at or above its initial level on any annual observation date. The call premium is 9.3% per year.

The payout will be par unless each index has finished below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying indexes:	Nasdaq-100, Russell 2000, S&P 500
Amount:	$1,497,000
Maturity:	Feb. 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless any index has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
Call:	At par plus a call premium if each index closes at or above its initial level on any annual observation date; call premium is 9.3% per year
Initial index levels:	12,925.38 for Nasdaq, 2,073.641 for Russell, 3,714.24 for S&P
Barrier levels:	7,755.228 for Nasdaq, 1,244.1846 for Russell, 2,228.544 for S&P; 60% of initial levels
Pricing date:	Jan. 29
Settlement date:	Feb. 3
Agent:	HSBC Securities (USA) Inc.
Fees:	0.625%
Cusip:	40438CQ20

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