New Issue: HSBC sells $630,000 autocallable barrier notes with step-up premium on S&P, Nasdaq

Chicago, March 25 – HSBC USA Inc. priced $630,000 of 0% autocallable barrier notes with step-up premium due Feb. 5, 2026 linked to the least performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each index closes at or above its initial level on any annual observation date. The premium is 8% per year.

If the notes are not called, meaning the final level of at least one of the indexes is less than its initial level, the payout will be par unless any index has finished below its 80% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying indexes:	S&P 500 index, Nasdaq-100 index
Amount:	$630,000
Maturity:	Feb. 5. 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If not called because at least one index has finished below initial level, par unless any index has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing index from its initial level
Call:	At par plus a call premium if each index closes at or above its initial level on any annual observation date; premium is 8% per year
Initial levels:	13,456.12 for Nasdaq and 3,826.31 for S&P
Barrier levels:	80% of initial levels
Pricing date:	Feb. 2
Settlement date:	Feb. 5
Agent:	HSBC Securities (USA) Inc.
Fees:	2.5%
Cusip:	40438CT35

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