New Issue: HSBC prices $2.28 million knock-out buffer notes linked to MSCI Emerging Markets index

By Toni Weeks

San Luis Obispo, Calif., July 24 – HSBC USA Inc. priced $2.28 million of knock-out buffer notes due July 24, 2019 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index falls by more than 25% on the July 19, 2019 final valuation date, the payout at maturity will be par plus the index return, with full exposure to losses. Otherwise the payout will be par plus the greater of 1.28 times the index return and zero.

HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the agent.

Issuer:	HSBC USA Inc.
Issue:	Knock-out buffer notes
Underlying index:	MSCI Emerging Markets
Amount:	$2,275,000
Maturity date:	July 24, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls by more than 25% on July 19, 2019, par plus the index return; otherwise, par plus greater of 1.28 times the index return and zero
Initial level:	1,063.26
Knock-out buffer:	25% of initial level
Pricing date:	July 21
Settlement date:	July 24
Underwriter:	HSBC Securities (USA) Inc. with J.P. Morgan Securities LLC as agent
Fees:	3%
Cusip:	40433BHF8

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