New Issue: HSBC sells $138,000 barrier uncapped market participation notes on S&P, Russell

By William Gullotti

Buffalo, N.Y., April 8 – HSBC USA Inc. priced $138,000 of 0% barrier uncapped market participation securities due April 7, 2025 tied 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 1.18 times the return of the least-performing index

Investors will receive par if any index falls by up to 30%.

Otherwise, investors will be fully exposed to the least-performing index’s decline from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Barrier uncapped market participation securities
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$138,000
Maturity:	April 7, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes above its initial level, par plus 1.18 times the gain of least-performing index; par if any index falls by up to 30%; otherwise, full exposure to least-performing index’s decline
Initial levels:	4,530.41 for S&P, 2,070.125 for Russell
Barrier levels:	70% of initial levels
Pricing date:	March 31
Settlement date:	April 5
Agent:	HSBC Securities (USA) Inc.
Fees:	None
Cusip:	40439JK20

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