New Issue: HSBC sells $505,000 digital plus barrier notes on S&P, Russell, Nasdaq

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – HSBC USA Inc. priced $505,000 of 0% digital plus barrier notes due Feb. 3, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above 90% of its initial level, the payout at maturity will be par plus the greater of the fixed return of 26.2% and the return of the worst performing index.

If any index falls by more than 10% but no finishes below the 70% knock-in level, the payout will be par.

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

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital plus barrier notes
Underlying indexes:	Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
Amount:	$505,000
Maturity:	Feb. 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above 90% of its initial level, par plus greater of 26.2% and return of worst performing index; if any index falls by more than 10% but no falls by more than 30%, par; otherwise, 1% loss for each 1% decline of worst performing index
Initial levels:	12,982.62 for Nasdaq, 3,714.24 for S&P, 29,982.62 for Dow
Knock-in levels:	70% of initial levels
Pricing date:	Jan. 29
Settlement date:	Feb. 3
Agent:	HSBC Securities (USA) Inc.
Fees:	0.625%
Cusip:	40438CN98

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