New Issue: HSBC sells $1.04 million digital dual directional notes tied to S&P 500

By Tali Rackner

Norfolk, Va., March 30 – HSBC USA Inc. priced $1.04 million of 0% digital dual directional notes due March 31, 2021 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 30%.

If the index return is less than negative 20%, investors will be fully exposed to the decline from the initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital dual directional notes
Underlying index:	S&P 500
Amount:	$1,038,000
Maturity:	March 31, 2021
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If index return is greater than or equal to negative 20%, par plus greater of index return and 30%; if index return is less than negative 20%, full exposure to index’s decline from initial level
Initial index level:	2,037.05
Pricing date:	March 28
Settlement date:	March 31
Agent:	HSBC Securities (USA) Inc.
Fees:	3.75%
Cusip:	40433UHZ2

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