New Issue: HSBC sells $25.32 million six-year trigger PLUS linked to S&P 500

By Marisa Wong

Morgantown, W.Va., Jan. 3 – HSBC USA Inc. priced $25.32 million of 0% trigger Performance Leveraged Upside Securities due Dec. 29, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par of $10 plus 124% of the index return. Investors will receive par if the index declines by 40% or less and will be fully exposed to the index decline from its initial level if it falls by more than 40%.

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

Issuer:	HSBC USA Inc.
Issue:	Trigger Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$25,315,000
Maturity:	Dec. 29, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 124% of any index gain; par if the index declines by 40% or less; full exposure to the index decline from its initial level if it falls by more than 40%
Initial index level:	2,680.50
Trigger level:	1,608.30, 60% of initial level
Pricing date:	Dec. 26
Settlement date:	Dec. 29
Agent:	HSBC Securities (USA) Inc.
Distribution:	Morgan Stanley Wealth Management
Fees:	3.5%
Cusip:	40435J596

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