New Issue: HSBC sells $954,000 dual directional barrier notes on stocks

By Kiku Steinfeld

Chicago, Aug. 4 – HSBC USA Inc. priced $954,000 of 0% dual directional barrier notes due Jan. 13, 2025 linked to the least performing of PayPal Holdings, Inc., Walt Disney Co. and Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.

If each stock finishes at or above its initial level, the payout at maturity will be par plus 3.3 times the return of the worst performing stock.

If any stock falls but none finish below the 70% trigger level, the payout will be par plus the half the absolute value of the return of the worst performing stock.

Otherwise, investors will lose 1% for each 1% decline of the worst performing, payable in shares of that stock or cash at the option of the issuer.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Dual directional barrier notes
Underlying stocks:	PayPal Holdings, Inc., Walt Disney Co. and Boeing Co.
Amount:	$954,000
Maturity:	Jan. 13, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each stock gains, par plus 3.3 times gain of worst performing stock; if any stock falls but none fall by more than 30%, par plus half absolute value of return of worst performing stock; otherwise, 1% loss for each 1% decline of worst performing stock, payable in shares of that stock or cash at option of the issuer
Initial levels:	$187.60 for PayPal, $157.83 for Disney, $215.50 for Boeing
Trigger levels:	70% of initial levels
Pricing date:	Jan. 7
Settlement date:	Jan. 12
Agent:	HSBC Securities (USA) Inc.
Fees:	0.25%
Cusip:	40428HRU8

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