New Issue: HSBC sells $787,000 digital plus barrier notes on index, ETF

By Wendy Van Sickle

Columbus, Ohio, March 5 – HSBC USA Inc. priced $787,000 of 0% digital plus barrier notes due Feb. 3, 2026 linked to the least performing of the S&P MidCap 400 index and iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If each asset finishes at or above 85% of its initial level, the payout at maturity will be par plus the greater of the fixed return of 30% and the return of the worst performing asset.

If either asset falls by more than 10% but no finishes below the 60% knock-in level, the payout will be par.

Otherwise, investors will lose 1% for each 1% decline of the worst performing asset.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital plus barrier notes
Underlying assets:	S&P MidCap 400 index and iShares MSCI Emerging Markets ETF
Amount:	$787,000
Maturity:	Feb. 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each asset finishes at or above 85% of its initial level, par plus greater of 30% and return of worst performing asset; if either asset falls by more than 10% but no falls by more than 30%, par; otherwise, 1% loss for each 1% decline of worst performing asset
Initial levels:	$57.16 for ETF, 2,496.65 for S&P MidCap
Knock-in levels:	60% of initial levels
Pricing date:	Feb. 18
Settlement date:	Feb. 23
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40438CY54

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