Filed Pursuant
to Rule 433
Registration
No. 333-180289
November
20, 2012
FREE WRITING
PROSPECTUS
(To Prospectus
dated March 22, 2012,
Prospectus
Supplement dated March 22, 2012 and
Equity
Index Underlying Supplement dated March 22, 2012)
HSBC USA Inc.
Performance Notes
Linked to the S&P 500
®
Low Volatility Index
}
Performance
Notes linked to the S&P 500
®
Low Volatility
Index
}
Maturity
of 7 years
}
The
S&P 500
®
Low Volatility Index measures the performance of the 100 least volatile stocks in the S&P 500
®
Index
}
Exposure
to 98% of the positive return in the reference asset
}
Return
of principal at maturity.
}
All
payments on the Notes are subject to the credit risk of HSBC USA Inc.
|
The Performance Notes (each
a “Note” and collectively the “Notes") offered hereunder will not be listed on any U.S. securities exchange
or automated quotation system. The Notes will not bear interest.
Neither the U.S. Securities
and Exchange Commission ( the “SEC”) nor any state securities commission has approved or disapproved of the Notes or
passed upon the accuracy or the adequacy of this document, the accompanying Equity Index Underlying Supplement, prospectus or prospectus
supplement. Any representation to the contrary is a criminal offense. We have appointed HSBC Securities (USA) Inc., an affiliate
of ours, as the agent for the sale of the Notes. HSBC Securities (USA) Inc. will purchase the Notes from us for distribution to
other registered broker-dealers or will offer the Notes directly to investors. In addition, HSBC Securities (USA) Inc. or another
of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making transactions
in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, the pricing supplement
to which this free writing prospectus relates is being used in a market-making transaction. See “Supplemental Plan of Distribution
(Conflicts of Interest)” on page FWP-14 of this free writing prospectus.
Investment in the Notes
involves certain risks. You should refer to “Risk Factors” beginning on page FWP-8 of this document, page S-3 of the
accompanying prospectus supplement, and page S-1 of the accompanying Equity Index Underlying Supplement.
|
Price to Public
|
Underwriting Discount
1
|
Proceeds to Issuer
|
Per Note
|
$1,000
|
|
|
Total
|
|
|
|
1
HSBC USA Inc.
or one of our affiliates may pay varying underwriting discounts of up to 3.50% per $1,000 Principal Amount of Notes in connection
with the distribution of the Notes to other registered broker-dealers. See “Supplemental Plan of Distribution (Conflicts
of Interest)” on page FWP-14 of this free writing prospectus.
The
Notes:
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
HSBC USA Inc.
Performance
Notes
Linked
to the S&P 500
®
Low Volatility Index
Indicative Terms*
Principal Amount
|
$1,000 per Note
|
|
|
Term
|
Approximately 7 years
|
|
|
Reference Asset
|
The S&P 500
®
Low Volatility Index (Ticker: SP5LVI)
|
|
|
Upside
Participation Rate
|
98% (0.98x) exposure to any positive Reference Return
|
|
|
Payment at
Maturity
per Note
|
If the Reference Return is greater than zero
,
you will receive:
$1,000 + ($1,000 ×
Reference Return × Upside Participation Rate).
If the Reference Return is less than
or equal to zero,
you will receive the $1,000 Principal Amount.
|
|
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Reference Return
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Final Level – Initial Level
Initial Level
|
|
|
Initial Level
|
See page FWP-5
|
|
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Final Level
|
See page FWP-5
|
|
|
Pricing Date
|
November 20, 2012
|
|
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Trade Date
|
November 20, 2012
|
|
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Settlement Date
|
November 26, 2012
|
|
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Final Valuation
Date
†
|
November 20, 2019
|
|
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Maturity Date
†
|
November 25
, 2019
|
|
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CUSIP
|
40432X3T6/US40432X3T61
|
The Notes
The
Performance Notes are designed for investors who believe the Reference Asset will appreciate over the term of the Notes. If the
level of the Reference Asset decreases, the Notes provide no downside exposure to such decline because of the minimum payment of
$1,000 per $1,000 Principal Amount at maturity.
The S&P 500
®
Low Volatility
Index
The
S&P 500
®
Low Volatility Index (the “Index”) comprises the 100 least-volatile stocks over the previous
year in the S&P 500
®
Index.
There
are two steps in the creation of the Index:
Constituent
selection: The volatilities of all S&P 500
®
Index constituents are calculated using daily standard deviation
data for approximately the past year. Constituents are ranked in order of their realized volatility. The Index comprises the 100
least volatile stocks.
Constituent
weighting: At each rebalancing, the weight for each Index constituent is set inversely proportional to its volatility (higher weightings
are assigned to the least volatile stocks). The Index is rebalanced in February May, August and November of each year.
The
offering period for the Notes is through
November 20, 2012
|
* As more fully described on page FWP-5.
†Subject to adjustment as described under “Additional
Terms of the Notes” in the accompanying Equity Index Underlying Supplement.
Payoff Example
The table at right shows the
hypothetical payout profile of an investment in the Notes, reflecting the minimum payment of $1,000 per $1,000 Principal Amount
of Notes (subject to the credit risk of HSBC).
The Notes are designed to, at
maturity, provide upside exposure to the Reference Asset, while also providing no exposure to downside risk of the Reference Asset.
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|
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Information about the Reference Asset
S&P 500
®
Low Volatility Index
|
|
|
|
|
|
The
SP5LVI measures the performance of the 100 least volatile stocks over the previous year in the S&P 500
®
Index.
It is designed to serve as a benchmark for low volatility strategies in the U.S. stock market
.
As
of the November 2012 rebalancing, the sector weightings in the Index were as follows: Consumer Discretionary: 2.91%,
Consumer Staples:
27.12
%
,
Energy:
1.87
%
,
Financials:
10.48
%
,
Healthcare:
11.13
%
,
Industrials:
6.31
%
,
Information Technology:
3.58
%
,
Materials:
2.52
%
,
Telecommunication Services:
2.94
%
and
Utilities:
31.14
%
.
|
|
|
Information about the Reference Asset
The graph above sets forth the hypothetical back-tested performance
of the Reference Asset from November 16, 2007 through April 19, 2011 and the historical performance of the Reference Asset from
April 20, 2011 to November 16, 2012. The Reference Asset has only been calculated since April 20, 2011. The hypothetical back-tested
performance of the Index set forth in the graph above was calculated using the same selection criteria and methodology employed
to calculate the Reference Asset since its inception on April 20, 2011. However, the hypothetical back-tested Reference Asset data
only reflects the application of that methodology in hindsight, since the Reference Asset was not actually calculated and published
prior to April 20, 2011. The hypothetical back-tested Reference Asset data cannot completely account for the impact of financial
risk in actual trading. There are numerous factors related to the equities markets in general that cannot be, and have not been,
accounted for in the hypothetical back-tested Reference Asset data, all of which can affect actual performance. Consequently, you
should not rely on that data as a reflection of what the actual Reference Asset performance would have been had the index been
in existence or in forecasting future Reference Asset performance. Because the Reference Asset is a price return index, and not
a total return index, the data presented above does not reflect the payment of dividends. The graph above also reflects the actual
closing levels from April 20, 2011 to November 16, 2012 that we obtained from the Bloomberg Professional
®
service.
The hypothetical and actual historical performance is not necessarily an indication of future results. For further information
on the Reference Asset, please see “The S&P 500
®
Low Volatility Index” on page FWP-12 and in the
accompanying Equity Index Underlying Supplement. We have derived all disclosure regarding the Reference Asset from publicly available
information. Neither HSBC USA Inc. nor any of its affiliates have undertaken any independent review of, or made any due diligence
inquiry with respect to, the publicly available information about the Reference Asset.
For
more information about SP5LVI, please refer to the fact sheet:
http://www.sec.gov/Archives/edgar/data/83246/000114420412016831/v306941_fwp.htm
.
The tables below are a comparison of the 1997 through 2011
annual returns and the 1,3,5,10,15 and 20 year annualized returns and standard deviations for the S&P 500
®
Low Volatility Index and the S&P 500
®
Index. The SP5LVI has only been calculated since April 20, 2011. Accordingly,
while the hypothetical tables set forth below are based on the selection criteria and methodology described herein and in the
Equity Index Underlying Supplement, the SP5LVI was not actually calculated and published prior to April 20, 2011. The hypothetical
and actual historical performance is not necessarily an indication of future results. Because the Reference Asset is a price return
index, and not a total return index, the return data presented below does not reflect the payment of dividends.
Annual Returns¹
|
|
Annualized Return² Data as of
December 31, 2011
|
|
S&P 500
®
Low Volatility Index
|
S&P 500
®
Index
|
|
|
S&P 500
®
Low Volatility
Index
|
S&P 500
®
Index
|
1997
|
26.27%
|
31.01%
|
|
1 Yr.
|
10.88%
|
0.00%
|
1998
|
4.80%
|
26.67%
|
|
3 Yrs.
|
12.04%
|
11.66%
|
1999
|
-10.72%
|
19.53%
|
|
5 Yrs.
|
1.00%
|
-2.38%
|
2000
|
20.68%
|
-10.14%
|
|
10 Yrs.
|
4.12%
|
0.92%
|
2001
|
1.54%
|
-13.04%
|
|
15 Yrs.
|
5.30%
|
3.59%
|
2002
|
-9.83%
|
-23.37%
|
|
20 Yrs.
|
6.36%
|
5.67%
|
2003
|
19.43%
|
26.38%
|
|
Annualized Standard Deviation³
|
2004
|
14.38%
|
8.99%
|
|
2005
|
-0.67%
|
3.00%
|
|
|
S&P 500
®
Low Volatility Index
|
S&P 500
®
Index
|
2006
|
16.49%
|
13.62%
|
|
1 Yr.
|
8.78%
|
15.97%
|
2007
|
-2.16%
|
3.53%
|
|
3 Yrs.
|
11.88%
|
19.00%
|
2008
|
-23.61%
|
-38.49%
|
|
5 Yrs.
|
12.87%
|
18.91%
|
2009
|
15.52%
|
23.45%
|
|
10 Yrs.
|
10.77%
|
15.93%
|
2010
|
9.79%
|
12.78%
|
|
15 Yrs.
|
12.14%
|
16.59%
|
2011
|
10.88%
|
0.00%
|
|
20 Yrs.
|
11.33%
|
15.01%
|
¹ Annual Return is a return an investment provides over a period of one year, expressed as (a) the difference between ending level and starting level, divided by (b) the starting level.
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² Annualized return is a return an investment provides over a period of time, representing a geometric average of annual returns over that period. The geometric average of annual returns represents the average rate per year on an investment that is compounded over a period of several years.
|
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|
|
|
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³ Standard Deviation is a statistical measure of the distance
a quantity is likely to lie from its average value. In finance, standard deviation is applied to the annual rate of return of an
investment, to measure the investment's volatility, or “risk”.
|
HSBC USA
Inc.
Performance
Notes
|
|
Linked to the S&P 500
®
Low Volatility Index
The offering of Notes will
have the terms described in this free writing prospectus and the accompanying Equity Index Underlying Supplement, prospectus supplement
and prospectus. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying Equity Index
Underlying Supplement, prospectus supplement or prospectus, the terms described in this free writing prospectus shall control.
You should be willing to forgo interest and dividend payments during the term of the Notes.
This free writing prospectus
relates to an offering of Notes linked to the performance of the S&P 500
®
Low Volatility Index (the “Reference
Asset”). The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. linked to the Reference
Asset as described below. The following key terms relate to the offering of Notes:
Issuer:
|
HSBC USA Inc.
|
|
|
Principal Amount:
|
$1,000 per Note
|
|
|
Reference Asset:
|
The S&P 500
®
Low Volatility Index (Ticker: SP5LVI)
|
|
|
Trade Date:
|
November 20, 2012
|
|
|
Pricing Date:
|
November 20, 2012
|
|
|
Original Issue Date:
|
November 26, 2012
|
|
|
Final Valuation Date:
|
November 20, 2019. The Final Valuation Date is subject to adjustment as described under “Additional Terms of the Notes—Valuation Dates” in the accompanying Equity Index Underlying Supplement.
|
|
|
Maturity Date:
|
November 25
, 2019, which is 3 business days after the Final Valuation Date.
The Maturity Date is subject to adjustment as described under “Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Equity Index Underlying Supplement.
|
|
|
Upside Participation Rate
|
98% (0.98x)
|
|
|
Payment at Maturity:
|
On the Maturity Date, for each Note, we will pay you the Final Settlement Value.
|
|
|
Final Settlement Value:
|
If the Reference Return is greater than zero,
you
will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of Notes, equal to:
$1,000 + ($1,000 × Reference Return × Upside Participation
Rate).
If the Reference Return is less than or equal
to zero
, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of Notes, equal to the $1,000
Principal Amount.
|
|
|
Reference Return:
|
The quotient, expressed as a percentage, calculated as follows:
|
|
|
|
Final Level – Initial Level
Initial Level
|
|
|
Initial Level:
|
The Official Closing Level of the Reference Asset on the Pricing Date.
|
|
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Final Level:
|
The Official Closing Level of the Reference Asset on the Final Valuation Date.
|
|
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Official Closing
Level:
|
The closing level of the Reference Asset on any scheduled trading day as determined by the calculation agent based upon the level displayed on Bloomberg Professional
®
service page “SP5LVI <INDEX>”, or on any successor page on Bloomberg Professional
®
service or any successor service, as applicable.
|
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Form of Notes:
|
Book-Entry
|
|
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Listing:
|
The Notes will not be listed on any U.S. securities exchange or quotation system.
|
|
|
CUSIP / ISIN:
|
40432X3T6/US40432X3T61
|
GENERAL
This free writing prospectus relates to
an offering of Notes linked to the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC
USA Inc. We reserve the right to withdraw, cancel or modify the offering and to reject orders in whole or in part. Although the
offering of Notes relates to the Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring
an investment linked to the Reference Asset or any component security included in the Reference Asset or as to the suitability
of an investment in the Notes.
You should read this document together
with the prospectus dated March 22, 2012, the prospectus supplement dated March 22, 2012 and the Equity Index Underlying Supplement
dated March 22, 2012. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying Equity
Index Underlying Supplement, prospectus supplement or prospectus, the terms described in this free writing prospectus shall control.
You should carefully consider, among other things, the matters set forth in “Risk Factors” beginning on page FWP-8
of this free writing prospectus, page S-3 of the prospectus supplement and page S-1 of Equity Index Underlying Supplement, as the
Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting
and other advisors before you invest in the Notes. As used herein, references to the “Issuer”, “HSBC”,
“we”, “us” and “our” are to HSBC USA Inc.
HSBC has filed a registration statement
(including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this
free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying
Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC
and this offering. You may get these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively,
HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement
and Equity Index Underlying Supplement if you request them by calling toll-free 1-866-811-8049.
You may also obtain:
We are using this free writing prospectus
to solicit from you an offer to purchase the Notes. You may revoke your offer to purchase the Notes at any time prior to the time
at which we accept your offer by notifying HSBC Securities (USA) Inc. We reserve the right to change the terms of, or reject any
offer to purchase, the Notes prior to their issuance. In the event of any material changes to the terms of the Notes, we will notify
you.
PAYMENT AT MATURITY
On the Maturity Date, for each Note you
hold, we will pay you the Final Settlement Value, which is an amount in cash, as described below:
If the Reference Return is greater than
or equal to zero
, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of Notes, equal to:
$1,000 + ($1,000 ×
Reference Return × Upside Participation Rate).
If the Reference Return is less than
zero,
you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of Notes, equal to the $1,000 Principal
Amount.
Any payments on the Notes are subject to
the credit risk of HSBC.
Interest
The Notes will not pay interest.
Calculation Agent
We or one of our affiliates will act as
calculation agent with respect to the Notes.
Reference Sponsor
Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., is
the reference sponsor.
INVESTOR SUITABILITY
The Notes may be suitable for you if:
|
|
The Notes may not be suitable for you if:
|
|
|
|
}
You
are willing to make an investment with a return linked to 98% of the potential positive performance of the Reference Asset and
you believe the level of the Reference Asset will increase over the term of the Notes.
}
You
are willing to make an investment based on a minimum payment of $1,000 per $1,000 Principal Amount of Notes at maturity.
}
You
are willing to forgo dividends or other distributions paid to holders of the stocks comprising the Reference Asset.
}
You
are willing to accept the risk and return profile of the securities versus a conventional debt security with a comparable maturity
issued by HSBC or another issuer with a similar credit rating.
}
You
do not seek current income from your investment.
}
You
do not seek an investment for which there is an active secondary market.
}
You
are willing to hold the Notes to maturity.
}
You
are comfortable with the creditworthiness of HSBC, as Issuer of the Notes.
|
|
}
You
believe the Reference Return will be negative or that the Reference Return multiplied by the 98% Upside Participation Rate will
not be sufficiently positive to provide you with your desired return.
}
You
are unwilling to make an investment based on a minimum payment of $1,000 per $1,000 Principal Amount of Notes at maturity.
}
You
prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities
issued by HSBC or another issuer with a similar credit rating.
}
You
prefer to receive the dividends or other distributions paid on the stocks comprising the Reference Asset.
}
You
seek current income from your investment.
}
You
seek an investment for which there will be an active secondary market.
}
You
are unable or unwilling to hold the Notes to maturity.
}
You
are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the Notes.
|
RISK FACTORS
We urge you to read the section “Risk
Factors” beginning on page S-3 in the accompanying prospectus supplement and on page S-1 of the accompanying Equity
Index Underlying Supplement. Investing in the Notes is not equivalent to investing directly in any of the stocks comprising the
Reference Asset. You should understand the risks 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 free writing prospectus and the accompanying Equity Index Underlying Supplement, prospectus supplement
and prospectus.
In addition to the risks discussed below,
you should review “Risk Factors” in the accompanying prospectus supplement and Equity Index Underlying Supplement including
the explanation of risks relating to the Notes described in the following sections:
|
}
|
“— Risks Relating to All Note Issuances” in the prospectus supplement;
|
|
}
|
“— General risks related to Indices” in the Equity Index Underlying Supplement;
and
|
|
}
|
“— If the Reference Asset is or includes the S&P 500
®
Low Volatility
Index or otherwise includes an Index that tracks a low volatility index” in the Equity Index Underlying Supplement.
|
You will be subject to significant risks
not associated with conventional fixed-rate or floating-rate debt securities.
Your investment in the Notes may not
generate any positive return.
If the Reference Return is zero
or negative, your payment at maturity will be limited to the principal amount of the Notes. Even if the return on
your investment is positive, the return on the Notes may be less than that of a conventional debt security of comparable
maturity. Since the Upside Participation Rate is less than 100%, any positive return on the Notes will be less than the
percentage increase in the level of the Reference Asset from the Pricing Date to the Final Valuation Date
Credit risk of HSBC USA Inc.
The Notes are senior unsecured debt obligations
of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. As further described in the
accompanying prospectus supplement and prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated
debt obligations of HSBC, except such obligations as may be preferred by operation of law. Any payment to be made on the Notes,
including the return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they come due. 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.
The Notes will not bear interest.
As a holder of the Notes, you will not
receive interest payments.
The Reference Asset has limited actual historical information.
The Reference Asset was created in April
2011. The reference sponsor has published limited actual information about how the Reference Asset would have performed had it
been calculated in the past. Because the Reference Asset is of recent origin and limited actual historical performance data exists
with respect to it, your investment in the Notes may involve a greater risk than investing in securities linked to one or more
indices with a more established record of performance.
Changes that affect the Reference
Asset will affect the market value of the Notes and the amount you will receive at maturity.
The policies of the reference sponsor concerning
additions, deletions and substitutions of the constituents comprising the Reference Asset and the manner in which the reference
sponsor takes account of certain changes affecting those constituents may affect the level of the Reference Asset. The policies
of the reference sponsor with respect to the calculation of the Reference Asset could also affect the level of the Reference Asset.
The reference sponsor may discontinue or suspend calculation or dissemination of the Reference Asset. Any such actions could affect
the value of the Notes.
The Notes are not insured by any governmental
agency of the United States or any other jurisdiction.
The Notes are not deposit liabilities or other obligations of a bank and are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency or program of the United States or any other jurisdiction. 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 full Payment at Maturity of the Notes.
Certain built-in costs are likely
to adversely affect the value of the Notes prior to maturity.
While the Payment at Maturity described
in this free writing prospectus is based on the full Principal Amount of your Notes, the original issue price of the Notes includes
the agent’s commission and the estimated cost of HSBC hedging its obligations under the Notes. As a result, the price, if
any, at which HSBC Securities (USA) Inc. will be willing to purchase Notes from you in secondary market transactions, if at all,
will likely be lower than the original issue price, and any sale prior to the Maturity Date could result in a substantial loss
to you. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your
Notes to maturity.
The Notes lack liquidity.
The Notes will not be listed on any securities
exchange. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market, if any exists. Even
if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. 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. is willing to buy the Notes.
Potential conflicts.
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. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially
adverse to your interests as an investor in the Notes. 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.
Tax treatment.
For a discussion of the U.S. federal income
tax consequences of your investment in a Note, please see the discussion under “U.S. Federal Income Tax Considerations”
herein and the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.
ILLUSTRATIVE EXAMPLES
The following table and examples are provided
for illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning
increases or decreases in the level of the Reference Asset relative to its Initial Level. We cannot predict the actual Final Level.
The assumptions we have made in connection with the illustrations set forth below may not reflect actual events, and the hypothetical
Initial Level used in the table and examples below is not expected to be the actual Initial Level. You should not take this illustration
or these examples as an indication or assurance of the expected performance of the Reference Asset or the return on your Notes.
The Final Settlement Value may be less than the amount that you would have received from a conventional debt security with
the same stated maturity, including such a security issued by HSBC. The numbers appearing in the table below and following examples
have been rounded for ease of analysis.
The table below illustrates the Final Settlement
Value on a $1,000 investment in Notes for a hypothetical range of the Reference Returns from -100% to +100%. The following results
are based solely on the assumptions outlined below. The “Hypothetical Return on the Note” as used below is the number,
expressed as a percentage, that results from comparing the Final Settlement Value per $1,000 Principal Amount of Notes to $1,000.
The potential returns described here assume that your Notes are held to maturity. You should consider carefully whether the Notes
are suitable to your investment goals. The following table and examples assume the following:
}
|
Principal Amount:
|
$1,000
|
|
|
|
}
|
Hypothetical Initial Level:
|
4,400
|
|
|
|
}
|
Minimum payment:
|
$1,000
|
|
|
|
}
|
Upside Participation Rate:
|
98%
|
The actual Initial Level will be determined on the Pricing Date.
Hypothetical
Final Level
|
Hypothetical
Reference Return
|
Hypothetical
Final Settlement Value
|
Hypothetical
Return on the Note
|
13,200
|
200.00%
|
$2,960.00
|
196.00%
|
12,320
|
180.00%
|
$2,764.00
|
176.40%
|
10,560
|
140.00%
|
$2,372.00
|
137.20%
|
9,680
|
120.00%
|
$2,176.00
|
117.60%
|
9,240
|
110.00%
|
$2,078.00
|
107.80%
|
8,800
|
100.00%
|
$1,980.00
|
98.00%
|
7,920
|
80.00%
|
$1,784.00
|
78.40%
|
7,040
|
60.00%
|
$1,588.00
|
58.80%
|
6,160
|
40.00%
|
$1,392.00
|
39.20%
|
5,720
|
30.00%
|
$1,294.00
|
29.40%
|
5,280
|
20.00%
|
$1,196.00
|
19.60%
|
5,060
|
15.00%
|
$1,147.00
|
14.70%
|
4,840
|
10.00%
|
$1,098.00
|
9.80%
|
4,620
|
5.00%
|
$1,049.00
|
4.90%
|
4,488
|
2.00%
|
$1,019.60
|
1.96%
|
4,444
|
1.00%
|
$1,009.80
|
0.98%
|
4,400
|
0.00%
|
$1,000.00
|
0.00%
|
4,180
|
-5.00%
|
$1,000.00
|
0.00%
|
3,740
|
-15.00%
|
$1,000.00
|
0.00%
|
3,080
|
-30.00%
|
$1,000.00
|
0.00%
|
1,760
|
-60.00%
|
$1,000.00
|
0.00%
|
0
|
-100.00%
|
$1,000.00
|
0.00%
|
The following examples indicate how the
Final Settlement Value would be calculated with respect to a hypothetical $1,000 investment in the Notes.
Example 1: The level of the Reference
Asset increases from the Initial Level of 4,400 to a Final Level of 6,160.
|
|
Reference Return:
|
40%
|
Final Settlement Value:
|
$1,392.00
|
Because the Reference Return is positive,
the Final Settlement Value would be $1,392 per $1,000 Principal Amount of Notes, calculated as follows:
$1,000 + ($1,000 × Reference
Return × Upside Participation Rate)
= $1,000 + ($1,000 × 40% ×
98%)
= $1,392
Example 1 shows that you will receive the
return of your principal investment plus a return equal to the Reference Return multiplied by the Upside Participation Rate of
98% (0.98x) when such Reference Return is positive.
Example 2: The level of the Reference
Asset increases from the Initial Level of 4,400 to a Final Level of 9,240.
|
|
Reference Return:
|
110%
|
Final Settlement Value:
|
$2,078
|
Because the Reference Return is positive,
the Final Settlement Value would be $2,078 per $1,000 Principal Amount of securities, calculated as follows:
$1,000 + ($1,000 × Reference
Return x Upside Participation Rate)
= $1,000 + ($1,000 × 110% x 98%)
= $2,078
Example 2 shows that you will receive the
return of your principal investment plus a return equal to the Reference Return when such Reference Return is positive, even if
it exceeds 100%.
Example 3: The level of the Reference
Asset decreases from the Initial Level of 4,400 to a Final Level of 4,180.
|
|
Reference Return:
|
-5.00%
|
Final Settlement Value:
|
$1,000
|
Because the Reference Return is less than
zero, the Final Settlement Value would be $1,000 per $1,000 Principal Amount of securities (a zero return).
THE S&P 500
®
LOW VOLATILITY INDEX (“SP5LVI”)
|
Description of the Reference Asset
The
SP5LVI measures the performance of the 100 least volatile stocks over the previous year in the S&P 500
®
Index.
It is designed to serve as a benchmark for low volatility strategies in the U.S. stock market
.
As of the November 2012 rebalancing, the sector weightings in
the SP5LVI were as follows: Consumer Discretionary: 2.91%, Consumer Staples:
27.12
%
,
Energy:
1.87
%
, Financials:
10.48
%
, Healthcare:
11.13
%
,
Industrials:
6.31
%
, Information
Technology:
3.58
%
, Materials:
2.52
%
, Telecommunication
Services:
2.94
%
and Utilities:
31.14
%
.
For more information about the SP5LVI, see “The S&P
500
®
Low Volatility Index” on page S-18 of the accompanying Equity Index Underlying Supplement.
Hypothetical and Actual
Historical Performance of the SP5LVI
The following graph sets forth the hypothetical
back-tested performance of the SP5LVI from November 16, 2007 through April 19, 2011 and the historical performance of the SP5LVI
from April 20, 2011 to November 16, 2012. The SP5LVI has only been calculated since April 20, 2011. The hypothetical back-tested
performance of the SP5LVI set forth in the following graph was calculated using the selection criteria and methodology employed
to calculate the SP5LVI since its inception on April 20, 2011. However, the hypothetical back-tested SP5LVI data only reflects
the application of that methodology in hindsight, since the SP5LVI was not actually calculated and published prior to April 20,
2011. The hypothetical back-tested SP5LVI data cannot completely account for the impact of financial risk in actual trading. There
are numerous factors related to the equities markets in general that cannot be, and have not been, accounted for in the hypothetical
back-tested SP5LVI data, all of which can affect actual performance. Consequently, you should not rely on that data as a reflection
of what the actual SP5LVI performance would have been had the index been in existence or in forecasting future SP5LVI performance.
Because the SP5LVI is a price return index, and not a total return index, the data presented below does not reflect the payment
of dividends. The graph below also reflects the actual closing levels from April 20, 2011 to November 16, 2012 that we obtained
from the Bloomberg Professional
®
service. We have not undertaken any independent review of, or made any due diligence
inquiry with respect to, the information obtained from the Bloomberg Professional
®
service. The closing level for
the SP5LVI on November 16, 2012 was 4,352.91. The hypothetical and actual performance is not necessarily an indication of future
results.
Source: Bloomberg Professional
®
service
The hypothetical and actual
historical levels of the SP5LVI should not be taken as an indication of future performance, and no assurance can be given as to
the Official Closing Level of the SP5LVI on the Final Valuation Date.
The tables below are a comparison of the 1997 through 2011 annual returns and the 1, 3, 5, 10, 15 and
20 year annualized returns and standard deviations for the S&P 500
®
Low Volatility Index and the S&P 500
®
Index. The SP5LVI has only been calculated since April 20, 2011. Accordingly, while the hypothetical tables set forth below are
based on the selection criteria and methodology
described herein and in the Equity Index Underlying Supplement, the SP5LVI was not actually calculated
and published prior to April 20, 2011. The hypothetical and actual historical performance is not necessarily an indication of future
results. Because the SP5LVI is a price return index, and not a total return index, the return data presented below does not reflect
the payment of dividends.
Annual Returns¹
|
|
S&P 500
®
Low Volatility Index
|
S&P 500
®
Index
|
1997
|
26.27%
|
31.01%
|
1998
|
4.80%
|
26.67%
|
1999
|
-10.72%
|
19.53%
|
2000
|
20.68%
|
-10.14%
|
2001
|
1.54%
|
-13.04%
|
2002
|
-9.83%
|
-23.37%
|
2003
|
19.43%
|
26.38%
|
2004
|
14.38%
|
8.99%
|
2005
|
-0.67%
|
3.00%
|
2006
|
16.49%
|
13.62%
|
2007
|
-2.16%
|
3.53%
|
2008
|
-23.61%
|
-38.49%
|
2009
|
15.52%
|
23.45%
|
2010
|
9.79%
|
12.78%
|
2011
|
10.88%
|
0.00%
|
¹ Annual Return is a return an investment
provides over a period of one year, expressed as (a) the difference between ending level and starting level, divided by (b) starting
level.
Annualized Return² Data as of December 31, 2011
|
|
S&P 500
®
Low Volatility Index
|
S&P 500
®
Index
|
1 Yr.
|
10.88%
|
0.00%
|
3 Yrs.
|
12.04%
|
11.66%
|
5 Yrs.
|
1.00%
|
-2.38%
|
10 Yrs.
|
4.12%
|
0.92%
|
15 Yrs.
|
5.30%
|
3.59%
|
20 Yrs.
|
6.36%
|
5.67%
|
² Annualized
return is a return an investment provides over a period of time, representing a geometric average of annual returns over that
period. The geometric average of annual returns represents the average rate per year on an investment that is compounded over
a period of several years.
Annualized Standard Deviation³
|
|
|
|
S&P 500
®
Low Volatility Index
|
S&P 500
®
Index
|
|
1 Yr.
|
8.78%
|
15.97%
|
|
3 Yrs.
|
11.88%
|
19.00%
|
|
5 Yrs.
|
12.87%
|
18.91%
|
|
10 Yrs.
|
10.77%
|
15.93%
|
|
15 Yrs.
|
12.14%
|
16.59%
|
|
20 Yrs.
|
11.33%
|
15.01%
|
|
³ Standard
Deviation is a statistical measure of the distance a quantity is likely to lie from its average value. In finance, standard deviation
is applied to the annual rate of return of an investment, to measure the investment's volatility, or “risk”.
Sector Weightings
The table below shows the current weight, average weight and
maximum weight of each industry sector included in the SP5LVI. The SP5LVI has only been calculated since April 20, 2011. Accordingly,
while the hypothetical tables set forth below are based on the selection criteria and methodology described herein and in the
Equity Index Underlying Supplement, the SP5LVI was not actually calculated and published prior to April 20, 2011. No assurance
can be given that these weightings will not change.
*as of the November 2012
rebalancing
**since 10/31/90
The hypothetical
back-tested weights of the SP5LVI set forth above were calculated using the selection criteria and methodology employed to calculate
the SP5LVI since its inception on April 20, 2011.
License Agreement
Standard & Poor’s
®
and S&P
®
are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”);
Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks
have been licensed for use by S&P Dow Jones Indices LLC. “Standard & Poor’s
®
”, “S&P
500
®
” and “S&P
®
” are trademarks of S&P and have been licensed for use by
S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by HSBC. The S&P 500
®
Low Volatility Index (the “Index”) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by
HSBC.
The securities are not sponsored, endorsed,
sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or any of their respective affiliates (collectively, “S&P
Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the holders
of the securities or any member of the public regarding the advisability of investing in securities generally or in the securities
particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices’ only relationship
to HSBC with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P
Dow Jones Indices. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to HSBC or
the securities. S&P Dow Jones Indices has no obligation to take the needs of HSBC or the holders of the securities into
consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has
not participated in the determination of the prices, and amount of the securities or the timing of the issuance or sale of the
securities or in the determination or calculation of the equation by which the securities are to be converted into cash.
S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the securities.
There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment
returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Index is not
a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated
to the securities currently being issued by HSBC, but which may be similar to and competitive with the securities. In addition,
CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index. It is possible
that this trading activity will affect the value of the Index and the securities.
S&P DOW JONES INDICES DOES NOT GUARANTEE
THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING
BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW
JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW
JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY HSBC, HOLDERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM
THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER
SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING,
BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF
SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS
OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND HSBC, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
SUPPLEMENTAL PLAN OF DISTRIBUTION
(CONFLICTS OF INTEREST)
We have appointed HSBC Securities (USA) Inc.,
an affiliate of HSBC, as the agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities
(USA) Inc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page
of the pricing supplement to which this free writing prospectus relates, for distribution to other registered broker-dealers or
will offer the Notes directly to investors. HSBC Securities (USA) Inc. proposes to offer the Notes at the offering price set forth
on the cover page of this free writing prospectus.
HSBC USA Inc. or one of our affiliates may pay
varying underwriting discounts of up to 3.50% per $1,000 Principal Amount of Notes in connection with the distribution of the Notes
to other registered broker-dealers.
An affiliate
of HSBC has paid or ma
y pay in the future an amount to broker-dealers in connection with the costs of the continuing implementation
of systems to support the Notes.
In addition, HSBC Securities (USA) Inc. or
another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making
transactions after the initial sale of the Notes, but is under no obligation to do so and may discontinue any market-making activities
at any time without notice.
See “Supplemental Plan of Distribution
(Conflicts of Interest)” on page S-49 in the prospectus supplement.
U.S. FEDERAL INCOME TAX CONSIDERATIONS
You should carefully consider the matters
set forth in “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement. The following discussion
summarizes the U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition of the Notes. This summary
supplements the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement and supersedes
it to the extent inconsistent therewith.
There are no statutory provisions, regulations,
published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of Notes with terms
that are substantially the same as those of the Notes. We intend to treat the Notes as contingent payment debt instruments for
U.S. federal income tax purposes. Pursuant to the terms of the Notes, you agree to treat the Notes as contingent payment debt instruments
for all U.S. federal income tax purposes and, in the opinion of Morrison & Foerster LLP, special U.S. tax counsel to us, it
is reasonable to treat the Notes as contingent payment debt instruments. Assuming the Notes are treated as contingent payment debt
instruments, a U.S. holder will be required to include original issue discount (“OID”) in gross income each year, even
though no payments will be made on the Notes until maturity.
Based on the factors described in the section,
“U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Treatment of the Notes as Indebtedness for U.S. Federal
Income Tax Purposes — Contingent Payment Debt Instruments,” in order to illustrate the application of the noncontingent
bond method to the Notes, we have estimated that the comparable yield of the Notes, solely for U.S. federal income tax purposes,
will be 2.29% per annum (compounded annually). Further, based upon the method described in the section, “U.S. Federal Income
Tax Considerations — U.S. Federal Income Tax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes
— Contingent Payment Debt Instruments” and based upon the estimate of the comparable yield, we have estimated that
the projected payment schedule for Notes that have a Principal Amount of $1,000 and an issue price of $1,000 consists of a single
payment of $1,171.72 at maturity.
Based upon the estimate of the comparable
yield, a U.S. holder that pays taxes on a calendar year basis, buys a Note for $1,000, and holds the Note until maturity will be
required to pay taxes on the following amounts of ordinary income in respect of the Notes in each year:
Year
|
OID
|
2012
|
$2.20
|
2013
|
$22.95
|
2014
|
$23.48
|
2015
|
$24.01
|
2016
|
$24.56
|
2017
|
$25.13
|
2018
|
$25.70
|
2019
|
$23.70
|
However, the ordinary income reported in
the taxable year the Notes mature will be adjusted to reflect the actual payment received at maturity. U.S. holders should also
note that the actual comparable yield and projected payment schedule may be different than as provided in this summary depending
upon market conditions on the date the Notes are issued. U.S. holders may obtain the actual comparable yield and projected
payment schedule as determined by us by submitting a written request to: Structured Equity Derivatives – Structuring
HSBC Bank USA, National Association, 452 Fifth Avenue, 3rd Floor, New York, NY 10018. A U.S. holder is generally bound
by the comparable yield and the projected payment schedule established by us for the Notes. However, if a U.S. holder
believes that the projected payment schedule is unreasonable, a U.S. holder must determine its own projected payment schedule and
explicitly disclose the use of such schedule and the reason the holder believes the projected payment schedule is unreasonable
on its timely filed U.S. federal income tax return for the taxable year in which it acquires the Notes.
The comparable yield and projected payment
schedule are not provided for any purpose other than the determination of a U.S. holder’s interest accruals for U.S. federal
income tax purposes and do not constitute a projection or representation by us regarding the actual yield on the Notes. We
do not make any representation as to what such actual yield will be.
Because there are no statutory provisions,
regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of Notes
with terms that are substantially the same as those of the Notes, other characterizations and treatments are possible. As a result,
the timing and character of income in respect of the Notes might differ from the treatment
described above. You should
carefully consider the discussion of all potential tax consequences as set forth in “U.S. Federal Income Tax Considerations”
in the accompanying prospectus supplement.
PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT THEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND
OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES
TABLE OF CONTENTS
|
|
|
You should only rely on the
information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement
and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not
contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus.
If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the
accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and
these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You
should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index
Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.
HSBC USA Inc.
$
Performance Notes
Linked
to the
S&P
500
®
Low Volatility Index
November
20, 2012
FREE
WRITING PROSPECTUS
|
|
|
|
Free Writing Prospectus
|
|
|
General
|
FWP-5
|
|
Payment at Maturity
|
FWP-5
|
|
Investor Suitability
|
FWP-7
|
|
Risk Factors
|
FWP-8
|
|
Illustrative Examples
|
FWP-10
|
|
The S&P 500
®
Low Volatility Index
|
FWP-12
|
|
Supplemental Plan of Distribution (Conflicts of Interest)
|
FWP-14
|
|
U.S. Federal Income Tax Considerations
|
FWP-15
|
|
|
|
|
Equity Index Underlying Supplement
|
|
|
Risk Factors
|
S-1
|
|
The S&P 500
®
Index
|
S-6
|
|
The S&P 100
®
Index
|
S-10
|
|
The S&P MidCap 400
®
Index
|
S-14
|
|
The S&P 500 Low Volatility Index
|
S-18
|
|
The Russell 2000
®
Index
|
S-21
|
|
The Dow Jones Industrial Average
SM
|
S-25
|
|
The Hang Seng China Enterprises Index
®
|
S-27
|
|
The Hang Seng
®
Index
|
S-30
|
|
The Korea Stock Price Index 200
|
S-33
|
|
MSCI Indices
|
S-36
|
|
The EURO STOXX 50
®
Index
|
S-40
|
|
The PHLX Housing Sector
SM
Index
|
S-42
|
|
The TOPIX
®
Index
|
S-46
|
|
The NASDAQ-100 Index
®
|
S-49
|
|
S&P BRIC 40 Index
|
S-53
|
|
The Nikkei 225 Index
|
S-56
|
|
The FTSE
™
100 Index
|
S-58
|
|
Other Components
|
S-60
|
|
Additional Terms of the Notes
|
S-60
|
|
|
|
|
Prospectus Supplement
|
|
|
Risk Factors
|
S-3
|
|
Risks Relating to Our Business
|
S-3
|
|
Risks Relating to All Note Issuances
|
S-3
|
|
Pricing Supplement
|
S-7
|
|
Description of Notes
|
S-8
|
|
Use of Proceeds and Hedging
|
S-30
|
|
Certain ERISA Considerations
|
S-30
|
|
U.S. Federal Income Tax Considerations
|
S-32
|
|
Supplemental Plan of Distribution (Conflicts of Interest)
|
S-49
|
|
|
|
|
Prospectus
|
|
|
About this Prospectus
|
1
|
|
Risk Factors
|
1
|
|
Where You Can Find More Information
|
1
|
|
Special Note Regarding Forward-Looking Statements
|
2
|
|
HSBC USA Inc.
|
3
|
|
Use of Proceeds
|
3
|
|
Description of Debt Securities
|
3
|
|
Description of Preferred Stock
|
15
|
|
Description of Warrants
|
21
|
|
Description of Purchase Contracts
|
25
|
|
Description of Units
|
28
|
|
Book-Entry Procedures
|
30
|
|
Limitations on Issuances in Bearer Form
|
35
|
|
U.S. Federal Income Tax Considerations Relating to Debt Securities
|
35
|
|
Plan of Distribution (Conflicts of Interest)
|
51
|
|
Notice to Canadian Investors
|
53
|
|
Notice to EEA Investors
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58
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Certain ERISA Matters
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59
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Legal Opinions
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60
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Experts
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60
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Methes Energies International Ltd - Unit (MM) (NASDAQ:MEILU)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Methes Energies International Ltd - Unit (MM) (NASDAQ:MEILU)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024