New Issue: HSBC prices $513,000 digital dual directional notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 22 – HSBC USA Inc. priced $513,000 of 0% digital dual directional notes due March 28, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to negative 30%, the payout at maturity will be par plus the greater of the index return and 36%. If the index return is less than negative 30%, investors will be fully exposed to the decline from the initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional notes
Underlying index:	S&P 500
Amount:	$513,000
Maturity:	March 28, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is greater than or equal to negative 30%, par plus greater of index return and 36%; if index return is less than negative 30%, full exposure to index’s decline from initial level
Initial index level:	2,049.58
Pricing date:	March 18
Settlement date:	March 28
Agent:	HSBC Securities (USA) Inc.
Fees:	3.25%
Cusip:	40433UJU1

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