New Issue: HSBC prices $3.35 million of digital dual directional securities linked to S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, May 25 – HSBC USA Inc. priced $3.35 million of 0% worst-of digital dual directional barrier securities due May 28, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final level of each index is greater than or equal to its barrier level, 50% of its initial level, the payout at maturity will be par plus the greater of the return of the lesser-performing index and 26%.

If the final level of either index is less than its barrier level, investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional barrier securities
Underlying index:	S&P 500 and Russell 2000
Amount:	$3,345,000
Maturity:	May 28, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If each index closes at or above 50% barrier level, greater of par plus 26% or the gain of the worse performing index; otherwise, full exposure to decline of worse performing index
Initial index levels:	2,076.06 for S&P, 1,135.307 for Russell
Barrier levels:	1,038.03 for S&P, 567.654 for Russell
Pricing date:	May 24
Settlement date:	May 27
Underwriters:	HSBC Securities (USA) Inc.
Fees:	0.25%
Cusip:	40433UMX1

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