New Issue: HSBC sells $158,000 dual directional barrier notes on S&P, Dow

Chicago, Oct. 25 – HSBC USA Inc. priced $158,000 of 0% dual directional barrier notes due March 1, 2027 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 each index finishes at or above its initial level, the payout at maturity will be par plus the return of the worst performing index, capped at par plus 58.8%.

If any index falls but none finish below the 75% trigger level, the payout will be par plus the absolute value of the return of the worst performing index.

Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$158,000
Maturity:	March 1, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If each index gains, par plus the gain of worst performing index; if any index falls but none fall by more than 25%, par plus absolute value of return of worst performing index; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
Initial levels:	4,225.5 for S&P, 33,131.76 for Dow
Trigger levels:	75% of initial levels
Pricing date:	Jan. 31
Settlement date:	Feb. 3
Agent:	HSBC Securities (USA) Inc.
Fees:	3.75%
Cusip:	40439JZK4

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