New Issue: HSBC prices $8.11 million market-linked step-up notes linked to S&P 500

By Sarah Lizee

Olympia, Wash., Dec. 10 – HSBC USA Inc. priced $8.11 million of 0% market-linked step-up notes due Nov. 19, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange.

If the index finishes above the step-up level – 110.3% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 10.3%.

Investors will be exposed to any losses.

BofA Securities, Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$8,110,210
Maturity:	Nov. 19, 2021
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains by up to the step-up level, par plus 10.3%; full exposure to any losses
Initial level:	3,140.52
Step-up level:	3,463.99, 110.3% of initial level
Pricing date:	Nov. 26
Settlement date:	Dec. 4
Agent:	BofA Securities, Inc.
Fees:	2%
Cusip:	40438B731

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