HSBC USA Files 424B2 Prospectus for New Securities Offering

TL;DR

**HSBC USA just filed a 424B2, likely offering new securities to raise capital.**

AI Summary

HSBC USA INC /MD/ filed a 424B2 prospectus on March 24, 2026, related to a previous registration statement (File No. 333-277211). This filing, which includes a pricing supplement, indicates that HSBC USA INC /MD/ is offering new securities. For investors, this means HSBC is likely raising capital, which could impact its financial structure and future profitability, potentially affecting the stock's value.

Why It Matters

This filing signals HSBC USA INC /MD/ is issuing new securities, which could dilute existing shares or increase debt, impacting the company's financial health and stock valuation.

Risk Assessment

Risk Level: medium — The filing of a prospectus for new securities introduces market risk related to the terms of the offering and potential dilution for existing shareholders.

Analyst Insight

Investors should review the full pricing supplement to understand the terms of the new securities offering, including the type of securities, interest rates, maturity dates, and potential impact on existing shares, before making any investment decisions.

Key Numbers

• 333-277211 — Registration Statement File No. (The underlying registration statement for the securities being offered.)
• 0001104659-26-033744 — SEC Accession No. (Unique identifier for this specific filing.)

Key Players & Entities

• HSBC USA INC /MD/ (company) — Filer of the 424B2 prospectus
• 0000083246 (company) — CIK of HSBC USA INC /MD/
• 333-277211 (dollar_amount) — File number for the related registration statement
• 2026-03-24 (person) — Filing date of the 424B2

FAQ

Key Financial Figures

• $2,087,000 — tructured Investments HSBC USA Inc. $2,087,000 Phoenix Quarterly Review Notes with Me
• $10,000 — pril 8, 2027. Minimum denominations of $10,000 and integral multiples of $1,000 in exc
• $1,000 — ns of $10,000 and integral multiples of $1,000 in excess thereof. Any payments on the
• $42.50 — Payment Date. The Contingent Coupon is $42.50 per Note per each Coupon Payment Date.
• $40 — Price Initial Price Trigger Price: $40.086, which is 85.00% of the Initial Pri
• $47 — of the Initial Price Initial Price: $47.16, which was the Official Closing Pric
• $985.35 — Value of the Notes on the Trade Date is $985.35 per Note, which is less than the price
• $1,000.00 — issions Proceeds to Issuer Per Note $1,000.00 $10.00 $990.00 Total $2,087,000.00
• $10.00 — oceeds to Issuer Per Note $1,000.00 $10.00 $990.00 Total $2,087,000.00 $20,87
• $990.00 — o Issuer Per Note $1,000.00 $10.00 $990.00 Total $2,087,000.00 $20,870.00 $2,
• $2,087,000.00 — te $1,000.00 $10.00 $990.00 Total $2,087,000.00 $20,870.00 $2,066,130.00 The Notes:
• $20,870.00 — $10.00 $990.00 Total $2,087,000.00 $20,870.00 $2,066,130.00 The Notes: Are Not FD
• $2,066,130.00 — .00 Total $2,087,000.00 $20,870.00 $2,066,130.00 The Notes: Are Not FDIC Insured Are

Filing Documents

• tm267724d285dps_424b2.htm (424B2) — 90KB
• tm267724d285dps_424b2.pdf (424B2) — 515KB
• tm267724d285dps_filingfees.htm (EX-FILING FEES) — 28KB
• tm267724d285dps_img01.jpg (GRAPHIC) — 9KB
• tm267724d285dps_img02.jpg (GRAPHIC) — 17KB
• 0001104659-26-033744.txt ( ) — 986KB
• tm267724d285dps_filingfees_htm.xml (XML) — 4KB

From the Filing

SUPPLEMENT Filed Pursuant to Rule 424(b)(2) Registration No. 333-277211 March 20, 2026 PRICING SUPPLEMENT (To Prospectus dated February 21, 2024 Prospectus Supplement dated February 21, 2024 and Stock-Linked Underlying Supplement dated February 21, 2024 ) Structured Investments HSBC USA Inc. $2,087,000 Phoenix Quarterly Review Notes with Memory Coupon Feature and Downside Gearing Linked to Bank of America Corporation due April 8, 2027 (the "Notes") General Terms used in this pricing supplement are described or defined herein and in the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus. The Notes will have the terms described herein and in the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus. The Notes do not guarantee any return of principal, and you may lose up to 100% of your initial investment . This pricing supplement relates to a single note offering. The purchaser of a Note will acquire a security linked to the Reference Asset described below. Although the offering relates to a 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 as to the suitability of an investment in the Notes. Senior unsecured debt obligations of HSBC USA Inc. maturing April 8, 2027. Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof. Any payments on the Notes are subject to the Issuer’s credit risk. If the terms of the Notes set forth below are inconsistent with those described in the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus, the terms set forth below will supersede . Key Terms Issuer: HSBC USA Inc. Reference Asset: The Common Stock of the Reference Asset Issuer Reference Asset Issuer: Bank of America Corporation (Ticker: "BAC") (the "Company") Principal Amount: $1,000 per Note. Trade Date: March 20, 2026 Pricing Date: March 20, 2026 Original Issue Date: March 25, 2026 Final Valuation Date: April 5, 2027, subject to adjustment as described in "Additional Terms of the Notes-Valuation Dates" in the accompanying Stock-Linked Underlying Supplement Maturity Date: April 8, 2027. 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 Stock-Linked Underlying Supplement. Automatic Call Feature: The Notes will be automatically called if the Official Closing Price of the Reference Asset on any Observation Date or the Final Price is equal to or greater than the Initial Price. If the Notes are called, HSBC will pay you on the applicable Coupon Payment Date (which will also be the "Call Settlement Date") a cash payment per Note equal to your Principal Amount plus the Contingent Coupon otherwise due on such date together with any previously unpaid Contingent Coupons with respect to any prior Observation Dates, in each case pursuant to the Contingent Coupon feature described below. No further amounts will be owed to you under the Notes. Observation Dates: July 2, 2026, October 5, 2026 and January 5, 2027, subject to postponement as described under "Additional Terms of the Notes-Valuation Dates" in the accompanying Stock-Linked Underlying Supplement. Coupon Payment Dates: With respect to each Observation Date, three business days following the applicable Observation Date. The final Contingent Coupon, if payable, will be paid on the Maturity Date. The Coupon Payment Dates are subject to postponement as described under "Additional Terms of the Notes-Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Stock-Linked Underlying Supplement. Contingent Coupon: If the Official Closing Price of the Reference Asset on any Observation Date or the Final Price is equal to or greater than the Coupon Barrier , HSBC will pay you the Contingent Coupon on the corresponding Coupon Payment Date as well as any previously unpaid Contingent Coupon with respect to a prior Observation Date. If the Official Closing Price of the Reference Asset on any Observation Date or the Final Price is less than the Coupon Barrier , the Contingent Coupon applicable to such date will not be payable and HSBC will not make any payment to you on the relevant Coupon Payment Date. If a Contingent Coupon is not paid on a Coupon Payment Date because the Official Closing Price of the Reference Asset on that Observation Date is less than the Coupon Barrier, such Contingent Coupon will be paid on a later Coupon Payment Date if the Official Closing Price or the Final Price, as applicable, is equal to or greater than the Coupon Barrier on such later Observation Date. For the avoidance of doubt, once a previously unpaid Contingent Coupon has been paid on a later Coupon Payment Date, it will not be paid again on any subsequent Coupon Payment Date.

View Full Filing

View this 424B2 filing on SEC EDGAR