New Issue: HSBC prices $1 million barrier enhanced participation notes linked to Dow, S&P

By Taylor Fox

New York, Nov. 23 – HSBC USA Inc. priced $1 million of 0% barrier enhanced participation notes due Nov. 13, 2024 linked to the lesser performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of each index is positive, the payout at maturity will be par plus 135% of the lesser-performing index’s return. If the return of the lesser-performing index is less than or equal to zero but greater than or equal to negative 30%, the payout will be par. If the return of either index is less than negative 30%, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Barrier enhanced participation notes
Underlying indexes:	Dow Jones industrial average and S&P 500
Amount:	$1 million
Maturity:	Nov. 13, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each index is positive, par plus 135% of lesser-performing index’s return; if return of lesser-performing index is less than or equal to zero but greater than or equal to negative 30%, par; if return of either index is less than negative 30%, 1% loss for every 1% that lesser-performing index declines from initial level
Initial levels:	3,550.50 for S&P, 29,157.97 for Dow
Barrier levels:	70% of initial levels
Pricing date:	Nov. 9
Settlement date:	Nov. 13
Underwriter:	HSBC Securities (USA) Inc.
Fees:	0%
Cusip:	40438CYZ8

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