New Issue: HSBC sells $9.25 million step-down trigger autocallable notes on Stoxx, S&P

By Wendy Van Sickle

Columbus, Ohio, March 1 – HSBC USA Inc. priced $9.25 million of 0% step-down trigger autocallable notes due Feb. 27, 2026 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annual call premium of 10.35% if each index closes at or above its initial level on any annual observation date.

The payout at maturity will be par plus 31.05% unless either index finishes below its 75% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index.

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

Issuer:	HSBC USA Inc.
Issue:	Step down trigger autocallable notes
Underlying indexes:	S&P 500 and Euro Stoxx 50
Amount:	$9,251,190
Maturity:	Feb. 27, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold, par plus 31.05%; otherwise, 1% loss for each 1% decline of worse performing index
Call:	At par plus 10.35% if each index closes at or above its initial level on any annual observation date except the final observation date when the call level will be 75% of initial level
Initial index levels:	3,970.04 for S&P, 4,178.82 for Stoxx
Downside thresholds:	2,977.53 for S&P, 3,134.115 for Stoxx; 75% of initial levels
Pricing date:	Feb. 24
Settlement date:	Feb. 28
Agent:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	2.5%
Cusip:	40441B132

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