New Issue: HSBC sells $450,000 dual directional buffered return enhanced notes on S&P

By Kiku Steinfeld

Chicago, April 1 – HSBC USA Inc. priced $450,000 of 0% dual directional buffered return enhanced notes due March 16, 2023 linked to the S&P 500 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 the index gain, subject to a maximum return of 21%.

If the index falls by up to 28.75%, the payout will be par plus the absolute value of the index return.

If the index falls by more than 28.75%, investors will lose 1% for each 1% index decline beyond the buffer.

HSBC Securities (USA) Inc. is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	HSBC USA Inc.
Issue:	Dual directional buffered return enhanced notes
Underlying index:	S&P 500 index
Amount:	$450,000
Maturity:	March 16, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 21%; if index falls by up to 28.75%, par plus the absolute value of the index return; if index falls by more than 28.5%, 1% loss for each 1% decline beyond the buffer
Initial value:	2,711.02
Buffer level:	71.5% of initial level
Final value:	Average of the closing levels on the five trading days ending March 13, 2023
Pricing date:	March 13
Settlement date:	March 18
Agent:	HSBC Securities (USA) Inc.
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	2%
Cusip:	40438CBY6

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