New Issue: HSBC sells $290,000 dual directional buffered notes on S&P, Dow

By Kiku Steinfeld

Chicago, March 14 – HSBC USA Inc. priced $290,000 of 0% dual directional buffered notes due Dec. 2, 2024 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus the gain of the least performing index, subject to a maximum return of 50%.

If any index falls but the least performer declines by no more than the 10% buffer amount, then the payout at maturity will be par plus the absolute value of the return of the least performing index.

If the least performing index declines by more than 10%, then the payout will be par less the loss of that index beyond10%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional buffered notes
Underlying indexes:	S&P 500 index and Dow Jones industrial average
Amount:	$290,000
Maturity:	Dec. 2, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain of the least performing index, subject to a maximum return of 50%; if any index falls but the least performer declines by no more than the buffer amount, par plus the absolute value of the return of the least performing index; if the least performing index declines by more than buffer level, par less the loss of that index beyond the buffer
Initial values:	3,957.63 for S&P, 33,852.53 for Dow
Buffer levels:	90% of initial levels
Pricing date:	Nov. 29, 2022
Settlement date:	Dec. 2, 2022
Agent:	HSBC Securities (USA) Inc.
Fees:	2.25%
Cusip:	40441XVK3

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