New Issue: HSBC prices $1.25 million digital dual directional notes on S&P 500

By Tali Rackner

Norfolk, Va., July 5 – HSBC USA Inc. priced $1.25 million of 0% digital dual directional barrier notes due June 30, 2021 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 25%, the payout at maturity will be par plus the greater of the index return and the minimum upside return of 25%.

If the index return is less than negative 25%, investors will be fully exposed to the decline from the initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional barrier notes
Underlying index:	S&P 500
Amount:	$1,251,000
Maturity:	June 30, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes at or above 75% barrier level, par plus greater of the index return and the 25%; otherwise, full exposure to decline
Initial index level:	2,000.54
Pricing date:	June 27
Settlement date:	June 30
Underwriter:	HSBC Securities (USA) Inc.
Fees:	3.75%
Cusip:	40433UNK8

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