New Issue: HSBC sells $2.76 million autocallable barrier notes with step-up premium on index, ETF

By Wendy Van Sickle

Columbus, Ohio, March 4 – HSBC USA Inc. priced $2.76 million of 0% autocallable barrier notes with step-up premium due Feb. 24, 2026 linked to the lesser performing of the S&P MidCap 400 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a call premium if each asset closes at or above its initial level on any annual observation date. The premium is 12% per year.

If the notes are not called, the payout will be par unless any asset has finished below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset from its initial level.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Autocallable barrier notes with step-up premium
Underlying assets:	S&P MidCap 400 index and iShares MSCI Emerging Markets ETF
Amount:	$2,757,000
Maturity:	Feb. 24, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless either asset has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing asset from its initial level
Call:	At par plus a call premium if each asset closes at or above its initial level on any annual observation date; premium is 12% per year
Initial asset levels:	2,535.39 for index , $57.53 for ETF
Barrier levels:	1,521.234 for index, $34.518 for ETF; 60% of initial levels
Pricing date:	Feb. 19
Settlement date:	Feb. 24
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	40438CY47

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