New Issue: HSBC sells $1 million autocallable barrier notes with step-up premium on indexes

By Kiku Steinfeld

Chicago, Sept. 16 – HSBC USA Inc. priced $1 million of 0% autocallable barrier notes with step-up premium due Sept. 15, 2025 linked to the lesser performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each index closes at or above 95% of its initial level on the any annual observation date. The premium is 6.61% per year.

The payout will be par unless any index has finished below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying indexes:	Dow Jones industrial average, S&P 500 index and Russell 2000 index
Amount:	$1,000,000
Maturity:	Sept. 15, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless either index has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
Call:	At par plus a call premium if each index closes at or above 95% of its initial level on any annual observation date; premium is 6.61% per year
Initial index levels:	27,940.47 for Dow, 3,398.96 for S&P 500, 1,526.480 for Russell 2000
Barrier levels:	60% of initial levels
Pricing date:	Sept. 9
Settlement date:	Sept. 14
Agent:	HSBC Securities (USA) Inc.
Fees:	3.625%
Cusip:	40438CWH0

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