New Issue: HSBC sells $1.12 million five-year trigger gears tied to Russell 2000

By Marisa Wong

Morgantown, W.Va., April 4 – HSBC USA Inc. priced $1.12 million of 0% trigger gears due March 31, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 1.265 times the index return.

If the index falls by up to 25%, the payout will be par.

Investors will lose 1% for every 1% decline below the initial level if the index finishes below the 75% downside threshold.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

Issuer:	HSBC USA Inc.
Issue:	Trigger gears
Underlying index:	Russell 2000
Amount:	$1,119,000
Maturity:	March 31, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.265 times any index gain; par if index falls by up to 25%; otherwise, full exposure to losses
Initial index level:	1,543.717
Downside threshold:	1,157.788, 75% of initial level
Pricing date:	March 26
Settlement date:	March 29
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	None
Cusip:	40435M763

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