New Issue: HSBC sells $155,000 dual directional barrier notes on S&P, Russell

By Kiku Steinfeld

Chicago, March 2 – HSBC USA Inc. priced $155,000 of 0% dual directional barrier notes due Nov. 25, 2025 linked 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 each index finishes at or above its initial level, the payout at maturity will be par plus 1.126 times the return of the worst performing index.

If any index falls but none finish below the 80% 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 from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$155,000
Maturity:	Nov. 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 1.126 times gain of worst performing index; if any index falls but none fall by more than 20%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
Initial levels:	3,949.94 for S&P, 1,839.141 for Russell
Trigger levels:	80% of initial levels
Pricing date:	Nov. 21, 2022
Settlement date:	Nov. 25, 2022
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40441XUP3

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