New Issue: HSBC sells $2.3 million uncapped dual directional barrier notes on S&P, Russell

Chicago, March 29 – HSBC USA Inc. priced $2.3 million of 0% dual directional barrier notes due March 2, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above its initial level, the payout at maturity will be par plus 120% the return of the worst performing index.

If either index finishes flat or falls below the 70% trigger level, the payout will be par plus the absolute value of the return of the worst performing index.

Otherwise, investors will lose 1% for each 1% decline of the worst performing index.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$2,300,000
Maturity:	March 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 120% of the gain of worst performing index; if either index finishes flat or falls by up to 30%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index
Initial levels:	3,925.43 for S&P, 2,284.381 for Russell
Trigger levels:	70% of initial levels
Pricing date:	Feb. 24
Settlement date:	March 1
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40438CZ46

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