New Issue: HSBC sells $2.94 million trigger securities tied to S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 17 – HSBC USA Inc. priced $2.94 million of 0% trigger securities due Feb. 27, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index value is greater than the initial value, the payout at maturity will be par of $10 plus the index gain.

If the final index value is equal to or less than the initial level but greater than or equal to the 72% downside threshold, the payout will be par. Otherwise, investors will be fully exposed to the decline of the index from its initial level.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

Issuer:	HSBC USA Inc.
Issue:	Trigger securities
Underlying index:	S&P 500
Amount:	$2,942,600
Maturity:	Feb. 27, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus any index gain; if index falls but finishes at or above downside threshold, par; otherwise, full exposure to losses
Initial level:	3,881.37
Downside threshold:	2,794.5864, 72% of initial level
Pricing date:	Feb. 23
Settlement date:	Feb. 26
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	3.5%
Cusip:	40438U812

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