New Issue: HSBC sells $1.02 million autocallable barrier notes with step-up on Russell, EM ETF

Chicago, Dec. 2 – HSBC USA Inc. priced $1.02 million of 0% autocallable barrier notes with step-up premium due March 23, 2026 linked to the lesser performing of the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each asset closes at or above its initial level on any annual observation date. The call premium is 12.25% per year.

If not called, the payout will be par unless any asset has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying assets:	Russell 2000 index, iShares MSCI Emerging Markets ETF
Amount:	$1,020,000
Maturity:	March 23, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If not called, par unless either asset has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing asset from its initial level
Call:	At par plus a call premium if each asset closes at or above its initial level on any annual observation date; call premium is 12.25% per year
Initial levels:	2,086.143 for index, $45.36 for ETF
Barrier levels:	1,460.3001 for index, $31.752 for ETF; 70% of initial levels
Pricing date:	March 18
Settlement date:	March 23
Agent:	HSBC Securities (USA) Inc.
Fees:	0%
Cusip:	40439JC86

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