New Issue: HSBC sells $9.82 million dual directional trigger participation notes on S&P

By William Gullotti

Buffalo, N.Y., March 4 – HSBC USA Inc. priced $9.82 million of 0% dual directional trigger participation securities due April 5, 2023 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par of $10 plus the index return, capped at par plus 12.2%.

If the index declines by 10% or less, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for every 1% that the index declines from its initial level.

HSBC Securities (USA) Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.

Issuer:	HSBC USA Inc.
Issue:	Dual directional trigger participation securities
Underlying index:	S&P 500 index
Amount:	$9,822,310
Maturity:	April 5, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the final index level is greater than the initial index level, par plus the index return, capped at par plus 12.2%; if the index declines by 10% or less, par plus the absolute value of the index return; otherwise, 1% loss for every 1% that the index declines from its initial level
Initial index level:	4,373.94
Trigger level:	3,936.546; 90% of initial level
Pricing date:	Feb. 28
Settlement date:	March 3
Agent:	HSBC Securities (USA) Inc.
Distribution:	Morgan Stanley Wealth Management
Fees:	2.25%
Cusip:	40439N825

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