New Issue: HSBC sells $25.97 million dual directional trigger jump notes on S&P

By Sarah Lizee

Olympia, Wash., July 5 – HSBC USA Inc. priced $25.97 million of 0% dual directional trigger jump securities due July 6, 2023 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par of $10 plus the greater of the index return and 35.25%.

If the index falls but finishes at or above the trigger level, 80% of the initial index level, the payout will be par plus the absolute value of the index return.

If the index finishes below the trigger level, investors will lose 1% for every 1% that the index declines from its initial level.

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

Issuer:	HSBC USA Inc.
Issue:	Dual directional trigger jump securities
Underlying index:	S&P 500
Amount:	$25,973,100
Maturity:	July 6, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes at or above initial level, par plus greater of index return and 35.25%; if index falls but finishes at or above trigger level, par plus absolute value of index return; if index finishes below trigger level, 1% loss for every 1% that index declines from initial level
Initial index level:	2,718.37
Trigger level:	2,174.696, 80% of initial level
Pricing date:	June 29
Settlement date:	July 5
Agent:	HSBC Securities (USA) Inc.
Distribution:	Morgan Stanley Wealth Management
Fees:	3.5%
Cusip:	40435M144

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