New Issue: HSBC sells $662,000 barrier uncapped market participation notes on index, ETFs

By William Gullotti

Buffalo, N.Y., Oct. 8 – HSBC USA Inc. priced $662,000 of 0% barrier uncapped market participation securities due July 27, 2026 tied to the least performing of the Euro Stoxx 50 index, the iShares MSCI EAFE ETF and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of each underlier is positive, the payout at maturity will be par plus 2.47 times the return of the worst performer.

Investors will receive par if any underlier falls by up to 30%.

Otherwise, investors will be fully exposed to the least-performing underlier’s decline from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Barrier uncapped market participation securities
Underlying assets:	Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF, iShares MSCI EAFE ETF
Amount:	$662,000
Maturity:	July 27, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each underlier finishes above its initial level, par plus 2.47 times the increase of least-performing underlier; par if any underlier falls by up to 30%; otherwise, full exposure to worst performer’s decline from initial level
Initial levels:	$78.64 for EAFE ETF, $53.20 for EM ETF, 4,026.68 for Stoxx
Barrier levels:	70% of initial levels
Pricing date:	July 21
Settlement date:	July 26
Agent:	HSBC Securities (USA) Inc.
Fees:	3.625%
Cusip:	40439JGK5

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