New Issue: HSBC prices $2 million buffer gears linked to S&P 500, Russell 2000

By Wendy Van Sickle

Columbus, Ohio, April 5 – HSBC USA Inc. priced $2 million of 0% buffer gears due March 31, 2026 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 lesser performing index return is positive, the payout at maturity will be par of $10 plus 1.59 times the lesser performing index return. Investors will receive par if the lesser performing index falls by up to 25% and lose 1% for each 1% that the lesser performing index may decline beyond 25%.

HSBC Securities (USA) Inc. is the agent, and UBS Financial Services Inc. is acting as dealer.

Issuer:	HSBC USA Inc.
Issue:	Buffer gears
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$2 million
Maturity:	March 31, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.59 times any lesser performing index gain; par if lesser performing index falls by up to 25%; 1% loss for every 1% that lesser performing index declines beyond 25%
Initial index levels:	2,805.37 for S&P, 1,522.231 for Russell
Downside thresholds:	2,104.03 for S&P, 1,141.673 for Russell, 75% of initial level
Pricing date:	March 27
Settlement date:	April 1
Agent:	HSBC Securities (USA) Inc.
Dealer:	UBS Financial Services Inc.
Fees:	3.5%
Cusip:	40436B600

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