New Issue: HSBC sells $6.1 million trigger step securities tied to S&P 500

By Wendy Van Sickle

Columbus, Ohio, May 8 – HSBC USA Inc. priced $6.1 million of 0% trigger step securities due April 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par of $10 plus the greater of the gain and the 23.42% step return.

Investors will receive par if the index falls by up to 25% and will be fully exposed to any losses if the index finishes below the 75% trigger level.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

Issuer:	HSBC USA Inc.
Issue:	Trigger step securities
Underlying index:	S&P 500
Amount:	$6,104,200
Maturity:	April 28, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index gains, par plus greater of return and 23.42%; par if the index falls by up to 25%; full exposure to any losses if the index finishes below the trigger level
Initial level:	2,926.17
Trigger level:	2,194.63, 75% of initial level
Pricing date:	April 25
Settlement date:	April 30
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	3%
Cusip:	40436B709

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