New Issue: HSBC prices $590,000 digital dual directional notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Oct. 30 – HSBC USA Inc. priced $590,000 of 0% digital dual directional notes due Oct. 30, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to negative 20%, the payout at maturity will be par plus the greater of the index return and 25%. If the index return is less than negative 20%, investors will have full exposure to the index’s decline.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional notes
Underlying index:	S&P 500
Amount:	$590,000
Maturity date:	Oct. 30, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is greater than or equal to negative 20%, par plus greater of index return and 25%; if index return is less than negative 20%, full exposure to index’s decline
Initial level:	2,065.89
Pricing date:	Oct. 27
Settlement date:	Oct. 30
Agent:	HSBC Securities (USA) Inc.
Fees:	3.5%
Cusip:	40433UAW6

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