New Issue: HSBC sells $3.5 million autocallable barrier notes with step-up premium on index, ETF

By Wendy Van Sickle

Columbus, Ohio, June 18 – HSBC USA Inc. priced $3.5 million of 0% autocallable barrier notes with step-up premium due May 27, 2025 linked to the lesser performing of the Russell 2000 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 9.4% per year.

If the notes are not called, the payout will be par unless any asset has finished below its 70% 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:	Russell 2000 index and iShares MSCI Emerging Markets ETF
Amount:	$3,499,000
Maturity:	May 27, 2025
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 9.4% per year
Initial asset levels:	2,215.268 for index , $53.14 for ETF
Barrier levels:	1,550.6876 for index, $37.198for ETF, 70% of initial levels
Pricing date:	May 21
Settlement date:	May 26
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40439JAD7

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