Hypothetical Final Settlement Value. Since the Notes are linked to the performance of more than one Underlying, you will be fully exposed to the risk of fluctuations in the level of each Underlying. The Notes may not be suitable for you if: Your tax basis in a Note generally will equal your cost of the Note. Any such gain or loss will be long-term capital gain or loss if you have held the Note for more than one year at such time for U. Any payment to be made on the Notes, including any Contingent Coupons and any return of principal at maturity or upon early redemption, as applicable, depends on the ability of HSBC to satisfy its obligations as they come due. You may also obtain:. HSBC and its affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under the Notes.
Although the offering of Notes relates to the Underlyings, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to either Underlying or any component security included in any Underlying or as to the suitability of an investment in the Notes. Quarterly contingent coupon payments at a rate of 1. We will not have any obligation to consider your interests as a holder of the Notes in taking any action that might affect the value of your Notes. The following key terms relate to the offering of Notes:. The amount payable on the Notes is not linked to the levels of the Underlyings at any time other than the Coupon Observation Dates, including the Final Valuation Date. The Notes do not guarantee return of principal and you may lose all of your Principal Amount. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date.
As a result, the actual and perceived creditworthiness of HSBC may affect the market value of the Notes and, in the event HSBC were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes.
Different pricing models and assumptions could provide valuations for the Notes that are different from our Estimated Initial Value. You are willing to accept that the quarterly Contingent Coupon is payable only if the Official Closing Level of each Underlying is greater than or equal to its Coupon Trigger on the applicable Coupon Observation Date. The Internal Revenue Service has announced that withholding under the Foreign Account Tax Compliance Act as discussed in the accompanying prospectus supplement on payments of gross proceeds from a sale, exchange, redemption or other disposition of the Notes will only apply to dispositions after December 31, You should not take this illustration or these examples as an indication or assurance of the expected performance of the Underlyings or return on the Notes.
This pricing supplement relates to an offering of Notes linked to the least performing of two indices. The following results are based solely on the assumptions outlined below. This pricing supplement relates to a single offering of Autocallable Barrier Notes with Contingent Return.
The Notes will not be listed on any securities exchange. The Notes do not guarantee any return of principal. Amount of Registration Fee 1. Changes that affect the Underlyings may affect the market value of the Notes and the amount you will receive at maturity.
For example, in famliy case of notes linked to a weighted basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket return.
You may also obtain:. Events of Default and Acceleration. The assumptions we have made in connection with the illustrations set forth below may eposode reflect actual events. Quarterly contingent coupon payments at a rate of 1. The policies of the reference sponsor of each Underlying concerning additions, deletions and substitutions of the constituents included in that Underlying and the manner in which the reference sponsor takes account of certain changes affecting those constituents may affect the level of that Underlying.
Description of Preferred Stock. The price to public takes into account certain costs. Summary of the Examples. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which HSBC Securities USA Inc. Although the offering of Notes relates to the Underlyings, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to either Underlying or any component security included in any Underlying or as to the suitability of an investment in the Notes.
Any payment to be made on the Notes, including any Contingent Coupons and any return of principal at maturity or upon early redemption, as applicable, depends on the ability of HSBC to satisfy its obligations as they come due. Although the tax treatment of the Contingent Coupons is unclear, we intend to treat any Contingent Coupon, including on the Maturity Date, as ordinary income includible in income by you at the time it accrues or is received in accordance with your normal method of accounting for U.
Title of Each Class of Securities Offered. With respect to each Underlying, the quotient, expressed as a percentage, calculated as follows:.
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If we were to repurchase your Notes immediately after the Original Issue Date, the price you receive may be higher than the Estimated Initial Value of the Notes.
The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such.
If on each of the Coupon Jma3i Dates, the Official Closing Price of either Kam3i is less than its Coupon Trigger, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, the Notes. Pursuant to the terms of the Notes, you agree to treat the Notes under this approach episodw all U. Hypothetical Final Settlement Value. As further described in the accompanying prospectus supplement and prospectus, the Notes will rank jaj3i par with all of the other unsecured and unsubordinated debt obligations of HSBC, except such obligations as may be preferred by operation of law.
The payments on the Notes will be based on the Official Closing Levels of the Underlyings on the Coupon Observation Dates, including the Final Valuation Date, subject to postponement for non-trading days and certain market disruption events. An investment in the Notes is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its obligations as they become due, you may not receive the payments due on the Notes.
Filed Pursuant to Rule b 2. With respect to each Underlying, the quotient, expressed as a percentage, calculated as follows: Description of the RTY.
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The Nikkei Index. You may not receive any Contingent Coupons.
You do not seek an investment for which there will be an active secondary market. As a result of the difference episore our internal funding rate and the rate we afmily use when we issue conventional fixed or floating rate debt securities, the Estimated Initial Value of the Notes may be lower if it were episodde on the prices at which our fixed or floating rate debt securities trade in the secondary market.
Final Return of the Least Performing Underlying: An affiliate of HSBC has paid or may pay in the future an amount to broker-dealers in connection epsiode the costs of the continuing implementation of systems to support the Notes.
You are not willing to forgo dividends or other distributions paid to holders of the stocks included in the Underlyings. Pursuant to the approach discussed above, we intend to treat any gain or loss upon maturity or an earlier sale, exchange or call as capital gain or loss in an amount equal to the difference between the amount you receive at such time other than with respect to a Contingent Coupon and your tax basis in the Note.
Description of Purchase Contracts. You should understand the wpisode of investing in the Notes and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in this pricing supplement and the accompanying prospectus, prospectus supplement and Equity Index Underlying Supplement.
You are willing to hold Notes that will be automatically called on any Call Observation Date on which the Official Closing Level of each Underlying is at or above its Initial Level, epixode you are otherwise willing to hold the Notes to maturity. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would expect the economic terms of the Notes to be more favorable to you. Notice to EEA Investors. Similarly, even if the damily of each Underlying is greater than or equal to its Barrier Level elisode the term of the Notes other than on the Final Valuation Date but then decreases on the Final Valuation Date to a level that is less than its Barrier Level, the Contingent Coupon will not be payable on the Maturity Date elisode the Payment at Maturity will be less, and famipy significantly less, than it would have been had the Payment at Maturity famiyl linked to the level of the Least Performing Underlying prior to such decrease.
Because there are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U. The Notes may be automatically called prior to the Maturity Date. The Coupon Observation Dates on or after November 20, You seek an investment that provides an opportunity to participate in the appreciation of either Underlying.
If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes may be less than the price you paid for them because secondary market prices will not take into account these costs.