New Issue: HSBC prices $713,000 dual directional barrier notes on Dow, S&P

By William Gullotti

Buffalo, N.Y., Aug. 25 – HSBC USA Inc. priced $713,000 of 0% dual directional barrier notes due June 30, 2026 linked to the least performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the worst performing index, subject to a maximum payout of par plus 50%.

If any index falls but none finishes below the 75% trigger level, the payout will be par plus the absolute value of the return of the worst performing index.

Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	Dow Jones industrial average, S&P 500 index
Amount:	$713,000
Maturity:	June 30, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus the gain of worst performing index capped at 50%; if any index falls but none falls by more than 25%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
Initial levels:	34,433.84 for Dow, 4,280.7 for S&P
Trigger levels:	75% of initial levels
Pricing date:	June 25
Settlement date:	June 30
Agent:	HSBC Securities (USA) Inc.
Fees:	3.75%
Cusip:	40439JCL7

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