New Issue: HSBC prices $1.96 million dual directional barrier notes on Dow, S&P

By Wendy Van Sickle

Columbus, Ohio, Nov. 11 – HSBC USA Inc. priced $1.96 million of 0% dual directional barrier notes due Aug. 4, 2026 linked to the least 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 each index finishes at or above its initial level, the payout at maturity will be par plus 1.1 times the return of the worst performing index.

If any index falls but none finishes below the 75% trigger level, the payout will be par plus the absolute value of the return of the worst performing index.

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

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	Dow Jones industrial average, S&P 500 index
Amount:	$1,963,000
Maturity:	Aug. 4, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus 1.1 times the gain of worst performing index; if any index falls but none falls by more than 25%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
Initial levels:	34,935.47 for Dow, 4,395.26 for S&P
Trigger levels:	75% of initial levels
Pricing date:	July 30
Settlement date:	Aug. 4
Agent:	HSBC Securities (USA) Inc.
Fees:	0.75%
Cusip:	40439JFD2

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