New Issue: HSBC prices $5 million return enhanced notes linked to Las Vegas Sands

By Kiku Steinfeld

Chicago, June 16 – HSBC USA Inc. priced $5 million of 0% return enhanced notes due June 9, 2025 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock return is greater than zero, the payout at maturity will be par plus 500% of the stock return, subject to a maximum return of 20.5%. Investors will lose 1% for every 1% that the stock might decline.

HSBC Securities (USA) Inc. is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are placement agents.

Issuer:	HSBC USA Inc.
Issue:	Return enhanced notes
Underlying stock:	Las Vegas Sands Corp.
Amount:	$5,000,000
Maturity:	June 9, 2025
Coupon: 0%
Price:	Par
Payout at maturity:	If stock return is greater than zero, par plus 500% of stock return, subject to maximum return of 20.5%; 1% loss for every 1% that stock declines
Initial stock price:	$51.79
Final stock price:	Average of stock’s closing levels on five trading days ending June 4, 2025
Pricing date:	June 3
Settlement date:	June 9
Underwriter:	HSBC Securities (USA) Inc.
Agents:	JPMorgan Chase Bank NA and J.P. Morgan Securities LLC
Fees:	0.65%
Cusip:	40438CLQ2

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