HSBC to price digital dual directional barrier notes on S&P, Russell

By Devika Patel

Knoxville, Tenn., March 22 – HSBC USA Inc. plans to price 0% digital dual directional barrier securities due March 31, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filed with the Securities and Exchange Commission.

If each index finishes at or above 70% of its initial level, the payout at maturity will be par plus the greater of the least performing index’s gain and the 40% to 45% digital upside return. The exact digital upside return will be set at pricing.

Investors will lose 1% for each 1% loss of the worst performing index if either index finishes below the 70% barrier level.

HSBC Securities (USA) Inc. is the agent.

The notes (Cusip: 40433UU38) will price on March 28 and settle on March 31.

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