New Issue: HSBC sells $2.36 million autocallable barrier notes with step-up premium on three indexes

By William Gullotti

Buffalo, N.Y., Sept. 27 – HSBC USA Inc. priced $2.36 million of 0% autocallable barrier notes with step-up premium due Sept. 28, 2026 linked to the lesser performing of the Dow Jones industrial average, the S&P 500 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 7% annual call premium if each index closes at or above its initial level on any annual observation date.

If the notes are not called, the payout will be par unless any index has finished below its 70% 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:	Dow Jones industrial average, S&P 500 index, Russell 2000 index
Amount:	$2,358,000
Maturity:	Sept. 28, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless any index finishes 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 7% annual call premium if each index closes at or above its initial level on any annual observation date
Initial index levels:	34,258.32 for Dow, 4,395.64 for S&P, 2,218.561 for Russell
Barrier levels:	23,980.824 for Dow, 3,076.948 for S&P, 1,552.9927 for Russell; 70% of initial levels
Pricing date:	Sept. 22
Settlement date:	Sept. 27
Agent:	HSBC Securities (USA) Inc.
Fees:	3.625%
Cusip:	40439JMF9

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