New Issue: HSBC prices $1.75 million barrier uncapped participation notes on S&P, Dow

By Taylor Fox

New York, Nov. 18 – HSBC USA Inc. priced $1.75 million of 0% barrier uncapped market participation securities due Nov. 4, 2026 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, 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 1.5 times the least-performing index’s return.

If the return of the least-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 any index is less than negative 30%, investors will lose 1% for every 1% that the least-performing index declines from its initial level.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Barrier uncapped market participation securities
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$1,750,000
Maturity:	Nov. 4, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each index is positive, par plus 1.5 times the least-performing index’s return; if return of least-performing index is less than or equal to zero but greater than or equal to negative 30%, par; if return of worst index is less than negative 30%, 1% loss for every 1% that least-performing index declines from initial level
Initial levels:	3,269.96 for S&P and 26,501.6 for Dow
Barrier levels:	70% of initial levels
Pricing date:	Oct. 30
Settlement date:	Nov. 4
Underwriter:	HSBC Securities (USA) Inc.
Fees:	None
Cusip:	40438CB59

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