HSBC to price five-year digital barrier notes with no cap tied to S&P

By Susanna Moon

Chicago, July 18 – HSBC USA Inc. plans to price 0% digital barrier notes due July 27, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the underlying index finishes at or above its initial level, the payout at maturity will be par plus the greater of the gain and the minimum upside return of at least 41%.

If the index falls by up to its 70% barrier level, the payout at maturity will be par.

Otherwise, investors will be fully exposed to any losses.

HSBC Securities (USA) Inc. is the agent.

The notes will price on July 20 and settle on July 27.

The Cusip number is 40435FP43.

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