New Issue: HSBC sells $24.81 million autocallable barrier notes with step-up premium on S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 12 – HSBC USA Inc. priced $24.81 million of 0% autocallable barrier notes with step-up premium due March 12, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if the index closes at or above its initial level on any annual call observation date. The call premium is 9% per year.

If the notes are not called and the index finishes at or above its 80% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the index.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying index:	S&P 500 index
Amount:	$24,808,000
Maturity:	March 12, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above its 80% barrier level, par; otherwise, full exposure to losses
Call:	At par plus a call premium of 9% per year if index closes at or above its initial level on any annual call date
Initial index level:	3,875.44
Barrier value:	3,100.352, 80% of initial level
Pricing date:	March 9
Settlement date:	March 12
Agent:	HSBC Securities (USA) Inc.
Fees:	2.25%
Cusip:	40438C3P4

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