New Issue: HSBC sells $451,000 buffered uncapped market participation notes on S&P, Dow, Russell

Chicago, Aug. 14 – HSBC USA Inc. priced $451,000 of 0% buffered uncapped market participation securities due Feb. 2, 2026 tied to the least performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the least-performing index return is positive, the payout at maturity will be par plus 1.25 times the least-performing index return. Investors will receive par if the least-performing index falls by up to 10% and will lose 1% for every 1% decline in the least-performing index beyond 10%.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Buffered uncapped market participation securities
Underlying indexes:	Russell 2000 index, Dow Jones industrial average and S&P 500 index
Amount:	$451,000
Maturity:	Feb. 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If least-performing index return is positive, par plus 1.25 times least-performing index return; par if least-performing index falls by up to buffer; 1% loss for every 1% decline in least-performing index beyond buffer
Initial index levels:	4,566.75 for S&P, 1,980.355 for Russell, 35,520.12 for Dow
Buffer levels:	90% of initial levels
Pricing date:	July 26
Settlement date:	July 31
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40447AFF6

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