New Issue: HSBC prices $1.13 million phoenix quarterly review notes with memory coupon on stock

New York, Dec. 14 – HSBC USA Inc. priced $1.13 million of phoenix quarterly review notes with memory coupon feature due Dec. 8, 2025 linked to UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a coupon of 8.2%, paid quarterly, if the stock closes at or above its 80% coupon barrier on the observation date for that quarter, plus any previously unpaid coupons.

The securities will be called automatically at par if the stock closes at or above its initial level on any quarterly review date.

At maturity, investors will receive par unless the stock finishes below its 80% trigger level, in which case investors will be fully exposed to the decline.

J.P. Morgan Securities LLC is the agent.

Issuer:	HSBC USA Inc.
Issue:	Phoenix quarterly review notes with memory coupon feature
Underlying stock:	UnitedHealth Group Inc.
Amount:	$1,128,000
Maturity:	Dec. 8, 2025
Coupon:	8.2%, paid quarterly, if the stock closes at or above its 80% coupon barrier on the observation date for that quarter, plus any previously unpaid coupons
Price:	Par
Payout at maturity:	Par if stock finishes at or above its trigger level; otherwise, full exposure to the decline of stock from initial level
Call:	Automatically at par if the stock closes at or above its initial level on any quarterly review date
Initial level:	$547.16
Trigger level:	$437.728, 80% of initial level
Coupon barrier:	$437.728, 80% of initial level
Pricing date:	Dec. 1
Settlement date:	Dec. 6
Agent:	J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	40447ATE4

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