New Issue: HSBC sells $267,000 dual directional barrier notes on S&P, Russell

By Marisa Wong

Morgantown, W.Va., Dec. 27 – HSBC USA Inc. priced $267,000 of 0% dual directional barrier notes due Dec. 28, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above its initial level, the payout at maturity will be par plus 1.3 times the gain of the lesser-performing index.

If either index falls but neither falls by more than 20%, the payout will be par plus the absolute value of the return of the lesser-performing index.

Otherwise, investors will lose 1% for every 1% that the final level of the lesser-performing index is less than its initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$1,286,000
Maturity:	Dec. 28, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes above its initial level, par plus 1.3 times the gain of the lesser-performing index; if either index falls but neither falls by more than 20%, par plus the absolute value of the return of the lesser-performing index; otherwise, 1% loss for every 1% that final level of lesser-performing index is less than initial level
Initial index levels:	2,679.25 for S&P and 1,540.076 for Russell
Trigger levels:	2,143.40 for S&P and 1,232.0608 for Russell, 80% of initial levels
Pricing date:	Dec. 20
Settlement date:	Dec. 26
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40435FMU8

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