New Issue: HSBC sells $572,000 autocallable barrier notes with step-up premium on index, ETF

By Sarah Lizee

Olympia, Wash., Aug. 28 – HSBC USA Inc. priced $572,000 of 0% autocallable barrier notes with step-up premium due Aug. 30, 2023 linked to the lesser performing of the S&P 500 index and the SPDR S&P Biotech 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 90% of its initial level on any annual observation date. The call premium is 11% per year.

The payout will be par unless any asset has finished below its 30% 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 500 index, SPDR S&P Biotech ETF
Amount:	$572,000
Maturity:	Aug. 30, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par 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 90% of its initial level on any annual observation date; call premium is 11% per year
Initial levels:	2,847.11 for index, $79.44 for ETF
Barrier levels:	1,992.977 for index, $55.608 for ETF; 70% of initial levels
Pricing date:	Aug. 23
Settlement date:	Aug. 30
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40435UTF1

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