New Issue: HSBC prices $485,000 barrier capped market participation notes on Dow, Nasdaq

By Kiku Steinfeld

Chicago, Oct. 19 – HSBC USA Inc. priced $485,000 of 0% barrier capped market participation securities due March 31, 2025 tied to the Dow Jones industrial average and the Nasdaq-100 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 three times the return of the lesser performing index, capped at par plus 30.8%.

Investors will receive par if either index falls by up to 20%.

Otherwise, investors will be fully exposed to the lesser performing index’s decline from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Barrier capped market participation securities
Underlying indexes:	Dow Jones industrial average, Nasdaq-100 index
Amount:	$485,000
Maturity:	March 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each index is positive, par plus three times the return of the lesser performing index, capped at par plus 30.8%; par either index falls by up to 20%; otherwise, full exposure to the lesser performing index’s decline from its initial level
Initial levels:	32,394.25 for Dow, 12,610.57 for Nasdaq
Barrier levels:	80% of initial levels
Pricing date:	March 28, 2023
Settlement date:	March 31, 2023
Agent:	HSBC Securities (USA) Inc.
Fees:	1.775%
Cusip:	40441XV23

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