HSBC to price dual directional trigger PLUS linked to S&P 500 index

By Angela McDaniels

Tacoma, Wash., March 2 – HSBC USA Inc. plans to price 0% dual directional trigger Performance Leveraged Upside Securities due April 6, 2021 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par of $10 plus at least 114% of the index return. The exact leverage factor will be set at pricing.

If the final index level is less than or equal to the initial index level but greater than or equal to the trigger level, the payout will be par plus the absolute value of the index return. The trigger level will be 65% of the initial index level.

If the final index level is less than the trigger level, investors will be fully exposed to the decline from the initial index level.

HSBC Securities (USA) Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.

The notes are expected to price March 31 and settle April 6.

The Cusip number is 40434F173.

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