New Issue: HSBC sells $402,000 autocallable barrier notes with step-up premium on index, ETF

By Wendy Van Sickle

Columbus, Ohio, March 30 – HSBC USA Inc. priced $402,000 of 0% autocallable barrier notes with step-up premium due March 27, 2024 linked to the lesser performing of the Russell 2000 index and the Health Care Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each asset closes at or above 95% of its initial level on any annual observation date. The call premium is 18.95% per year.

If the notes are not called, the payout will be par unless any asset has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying assets:	Russell 2000 index, Health Care Select Sector SPDR fund
Amount:	$402,000
Maturity:	March 27, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless either asset has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing asset from its initial level
Call:	At par plus a call premium if each asset closes at or above 95% of its initial level on any annual observation date; call premium is 18.95% per year
Initial levels:	1,013.889 for index and $79.09 for ETF
Call threshold:	95% of initial levels
Barrier levels:	709.7223 for index and $55.363 for ETF; 70% of initial levels
Pricing date:	March 20
Settlement date:	March 27
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40435U7G3

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