This free writing prospectus relates to a single note offering. The accelerated Maturity Date will be the fifth business day following the accelerated Final Valuation Date. The four charts below provide a summary of the Notes, including Note characteristics and risk considerations as well as an illustrative diagram and table reflecting hypothetical returns at maturity. The following table illustrates the hypothetical total return at maturity on the Notes. For a discussion of the U. We calculated the exchange rates below based on the exchange rates of each Basket Currency relative to the U. 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.
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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.
With respect to any emerging or developing nation, there is the possibility of nationalization, expropriation oofv confiscation, political changes, government regulation and social instability. If, however, the reach of the revenue ruling were to be extended, it could materially and anag affect the tax consequences of an investment in the Notes for U.
Holders, possibly with retroactive effect. Any payment to be made on the Notes, including any return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they come due.
As a consequence, these government actions could adversely affect an investment in the Notes, which are affected by the exchange rate between each of the Basket Currencies and ipfv U.
The Notes are distinguishable in meaningful respects from the instruments described in the revenue ruling. Foreign currency rate risks include, but are not limited to, convertibility risk and market volatility and potential interference by foreign governments through regulation of local markets, foreign investment or particular transactions in foreign currency.
To Prospectus dated March 22, The resulting discretion by the Calculation Agent in determining the Currency Performance for that Basket Currency could, in turn, result in potential conflicts of interest. Historical Performance of the Basket Currencies.
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The Notes will have the terms described herein and in the prospectus supplement and prospectus. We reserve the right to withdraw, cancel or modify this offering and to reject orders in whole or in part. Supplemental Plan of Distribution Conflicts of Interest. If the Final Valuation Date has been postponed for five consecutive scheduled trading days, then that fifth scheduled trading day will be the Final Valuation Date and the Calculation Agent will determine the value of that Basket Currency on such date using the formula for and method of determining such value which applied just prior to the market disruption event or in good faith and in a commercially reasonable manner on such date.
Unless we or our agent informs you otherwise in the confirmation of sale, the pricing supplement to which this free writing prospectus relates will be used in a market-making transaction. The return on the Notes at maturity is linked to the performance of the Basket and will depend on whether, and the extent to which, the Basket appreciates or depreciates. We calculated the exchange rates below based on the exchange rates of each Basket Currency relative to the U.
Holder as defined in the accompanying prospectus supplement may be entitled to make a Section election with respect to the Notes. Exchange rates of the currencies used by most economically developed nations are permitted to fluctuate in value relative to the U.
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Holders are urged to consult with their own tax advisors regarding the possible implications of this recently enacted legislation on their investment in the Notes. If the Notes have become immediately due and payable following an event of default, you will not be entitled to any additional payments with respect to the Notes.
HSBC or one of its affiliates. The Section election is generally available for a forward contract, a futures contract, or option on foreign currencies as described in Section of the Code. The purchaser of a Note will acquire a security linked to the Basket described below.
The purchaser of a Note will acquire a senior unsecured debt security linked to the Basket. Governments may also issue a new currency to replace an existing currency or alter the exchange rate or relative exchange characteristics by a devaluation or revaluation of a currency. You may also obtain:. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the Notes.
The Calculation Agent may, in its sole discretion, determine that an event has occurred that prevents it from valuing any Basket Currency or the Payment at Maturity in the manner initially provided for herein. Dollar from February 15, through February 15, Because the Notes are our senior unsecured debt obligations, payment of any amount at maturity is subject to our ability to pay our obligations as they become due. Pursuant to the terms of the Notes, you agree to treat the Notes under this approach for all U.
As a result, the Basket Return may be less than zero even if the Basket Currencies had moved favorably at certain times during the term of the Notes before moving to an unfavorable level on the Final Valuation Date.
We intend to treat the Notes consistent with this approach. Significant changes, including changes in liquidity and prices, can occur in such markets within very short periods of time.
This free writing prospectus relates to a single note offering.