The Estimated Initial Value will reflect the implied borrowing rate we use to issue market-linked securities, as well as the mid-market value of the embedded derivatives in the securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore the respective index level may be. The reference sponsor or reference issuer may discontinue or suspend calculation or dissemination of its relevant Reference Asset. We will make such discretionary election and determine this temporary reimbursement period on the basis of a number of factors, including the tenor of the securities and any agreement we may have with the distributors of the securities. The securities are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or program of the United States or any other jurisdiction.
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The assumptions we have made in connection with the illustrations set forth below may not reflect actual events. Any sale of the securities prior to maturity could result in a loss to you.
Holders are urged to consult with their own tax advisors regarding the possible implications of this recently enacted legislation on their investment in the securities.
The following key terms relate to the offerings of securities: Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences.
Description of Preferred Stock. If the terms of the securities offered hereby are inconsistent with those described in the accompanying prospectus supplement, prospectus, or relevant underlying supplement, the terms described in this free writing prospectus shall control. The securities are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction.
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, any accompanying underlying supplement, prospectus supplement and prospectus. The closing level for the RTY on June 25, was We reserve the right to change the terms of, or reject any offer to purchase, the securities prior vectod their issuance. Changes that affect the relevant Reference Asset will affect the market value of the securities and the amount you will receive at maturity.
The relevant Reference Return is The gc of these non-U.
To Prospectus dated March 22. Hypothetical Payment at Maturity. Historical Performance of the RTY. Description of the RTY. The securities may be suitable for you if:. In the event of any material changes to the terms of k3e securities, we will notify you. You should consider carefully whether the securities are suitable to your investment goals.
The following table and examples assume the following:. Are Not Bank Guaranteed. The policies of the reference sponsor or reference issuer of the relevant Reference Asset concerning additions, deletions and substitutions of the constituents comprising such Reference Asset and the manner in which the reference sponsor or reference issuer takes account of certain changes affecting vectr constituents included in such Reference Asset may affect the value of such Reference Asset.
The Nikkei Index. The market value of the securities at any time will reflect many factors and cannot be predicted with accuracy. In that case, the scheduled trading day immediately preceding the date of acceleration will be used as the Final Valuation Date for purposes of determining the Reference Return, and the accelerated maturity date will be three business days after the accelerated Final Valuation Date.
The securities may not be suitable for you if:. The Equity Index Underlying Supplement at: The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your securities in the secondary market if any vevtor at any time.
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Because other dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which HSBC Securities USA Inc. It is possible, for example, that the amount of the Excess Gain if any that would be recharacterized as ordinary income in respect of each security linked to the EFA will equal the excess of i any long-term capital gain recognized by the U.
The actual Maximum Cap for each offering of securities will be determined on the Pricing Date. The securities are not designed to be short-term trading instruments, and you should, therefore, be able and willing to hold the securities vecctor maturity.
The following table and examples are provided for illustrative purposes only and are hypothetical.
Information about each Reference Asset. The top 5 industry groups by market capitalization as of June 25, were: