# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-095769
**Filing Date:** 2025-10
**Character Count:** 11582
**Document Hash:** 0d4a8cf081c63b673c6e70c28db24576
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-095769.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0001104659-25-095769

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251001

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 251366367

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

---

| | | |
|:---|:---|:---|
| ![](tm2527726d29_fwpimg001.jpg)<br>| <br>Structured Investments<br> Opportunities in International Equities | Free Writing Prospectus<br> Registration Statement No. 333-277211<br> October 1, 2025<br> Filed Pursuant to Rule 433<br> (To Prospectus dated February 21, 2024,<br> Prospectus Supplement dated February 21, 2024 and<br> Equity Index Underlying Supplement dated February 21, 2024)<br>|

---

**Market-Linked Securities Based on a Basket Composed of the EURO STOXX 50<sup>®</sup> Index, the TOPIX<sup>®</sup> Index, the FTSE<sup>®</sup> 100 Index, the Swiss Market Index and the S&P/ASX 200 Index due November 5, 2030**

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying free writing prospectus referenced below, prospectus, prospectus supplement and Equity Index Underlying Supplement, and the "Risk Considerations" on the following page, prior to making an investment decision.

---

| | |
|:---|:---|
| **INDICATIVE TERMS** | **INDICATIVE TERMS** |
| **Issuer:** | HSBC USA Inc. ("HSBC") |
| **Maturity date\*:** | November 5, 2030 |
| **Basket components:** | The EURO STOXX 50<sup>®</sup> Index (Ticker: "SX5E"), the TOPIX<sup>®</sup> Index (Ticker: "TPX"), the FTSE<sup>®</sup> 100 Index (Ticker: "UKX"), the Swiss Market Index (Ticker: "SMI") and the S&P/ASX 200 Index (Ticker: "AS51"). For more information about the basket components, including historical performance information, see the accompanying free writing prospectus. |
| **Basket weightings:** | 40.00% for the SX5E, 25.00% for the TPX, 17.50% for the UKX, 10.00% for the SMI and 7.50% for the AS51. |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For each $1,000 stated principal amount security you hold at maturity:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final level is greater than the initial level:<br> $1,000 + the leveraged upside payment<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ If the final level is less than or equal to the initial level:<br>$1,000 (zero return)<br>**All payments on the securities are subject to the credit risk of HSBC.**<br>|
| **Leveraged upside payment:** | $1,000 x leverage factor x index percent increase |
| **Leverage factor:** | At least 122.50% (to be determined on the trade date) |
| **Basket performance:** | The sum of the performance values for each of the basket components |
| **Performance value:** | With respect to each basket component, the product of (i) basket component return and (ii) weighting for such basket component |
| **Initial level:** | Set equal to 100 on the pricing date |
| **Final level:** | 100 x (1+ basket performance) |
| **Valuation date\*:** | October 31, 2030 |
| **Initial component level:** | With respect to each basket component, the official closing level of such basket component on the pricing date, as determined by the calculation agent on the pricing date. |
| **Final component level:** | With respect to each basket component, the official closing level of such basket component on the valuation date. |
| **Basket component return:** | With respect to each basket component, (final component level – initial component level) / initial component level. |
| **Principal amount:** | $1,000 per security |
| **Issue price:** | $1,000 per security |
| **Pricing date\*:** | On or about October 16, 2025 |
| **Trade date\*:** | On or about October 16, 2025 |
| **Original issue date\*:** | On or about October 21, 2025 (3 business days after the trade date) |
| **Estimated initial value:** | The estimated initial value of the securities on the trade date is expected to be between $900.00 and $950.00 per security, which will be less than the price to public. The market value of the securities at any time will reflect many factors and cannot be predicted with accuracy. See "Risk Factors" in the accompanying free writing prospectus. |
| **CUSIP:** | 40447DEX2 |
| **ISIN:** | US40447DEX21 |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **Agent:** | HSBC Securities (USA) Inc., an affiliate of HSBC. |
| **Free writing prospectus:** | [https://www.sec.gov/Archives/edgar/data/83246/000110465925095185/tm2524998d534_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925095185/tm2524998d534_fwp.htm) |
| **\**The pricing date, trade date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the securities.*** | **\**The pricing date, trade date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the securities.*** |

---

![](tm2527726d29_fwpimg002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Basket performance** | &nbsp;&nbsp;**Return on security\*** |
| &nbsp;&nbsp;+50.00% | &nbsp;&nbsp;$1612.50 |
| &nbsp;&nbsp;+40.00% | &nbsp;&nbsp;$1490.00 |
| &nbsp;&nbsp;+30.00% | &nbsp;&nbsp;$1367.50 |
| &nbsp;&nbsp;+20.00% | &nbsp;&nbsp;$1245.00 |
| &nbsp;&nbsp;+10.00% | &nbsp;&nbsp;$1122.50 |
| &nbsp;&nbsp;+5.00% | &nbsp;&nbsp;$1061.25 |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$1000.00 |

---

**Risk Considerations**

It is important for you to understand that this offering summary does not contain all of the material information an investor should consider before investing in the securities, including a more complete description of the risks relating to the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying free writing prospectus.

***Risks Relating to the Structure or Features of the securities***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;• The securities do not pay interest.

&nbsp;&nbsp;&nbsp;&nbsp;• The amount payable on the securities is not linked to the level of the basket
at any time other than the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;• The basket will be unequally weighted and the lower performance of one basket
component may offset or mitigate an increase in the other basket components.

&nbsp;&nbsp;&nbsp;&nbsp;• Correlation (or lack of correlation) among the basket components may adversely
affect your return on the securities.

***Risks Relating to the Basket Components***

&nbsp;&nbsp;&nbsp;&nbsp;• Investing in the securities is not equivalent to investing in the stocks
included in the basket components.

&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with non-U.S. companies.

&nbsp;&nbsp;&nbsp;&nbsp;• The securities will not be adjusted for changes in exchange rates.

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;• Credit risk of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• The estimated initial value of the securities, which will be determined
by us on the trade date, is expected to be less than the price to public and may differ from the market value of the securities in
the secondary market, if any.

&nbsp;&nbsp;&nbsp;&nbsp;• The price of your securities in the secondary market, if any, immediately
after the trade date is expected to be less than the price to public.

&nbsp;&nbsp;&nbsp;&nbsp;• If HSBC Securities (USA) Inc. were to repurchase your securities immediately
after the original issue date, the price you receive may be higher than the estimated initial value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The calculation agent, which is the issuer or one of its affiliates, will
make determinations with respect to the securities.

&nbsp;&nbsp;&nbsp;&nbsp;• Hedging and trading activity by our affiliates could potentially adversely
affect the value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The securities are not insured or guaranteed by any governmental agency of
the United States or any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;• The market price of the securities will be influenced by many unpredictable
factors.

&nbsp;&nbsp;&nbsp;&nbsp;• The securities will not be listed on any securities exchange or automated
trading system and secondary trading may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. federal income tax consequences of an investment in the securities
are uncertain.

**Tax Considerations**

You should review carefully the discussion in the accompanying free writing prospectus under the caption "Additional Information About the Securities—Tax considerations" concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

If there is any inconsistency between any terms herein and the free writing prospectus relating to the securities, the free writing prospectus shall prevail. The issuer has filed a registration statement (including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the Securities and Exchange Commission ("SEC") for the offering to which this preliminary free writing prospectus relates. Before you invest, you should read the free writing prospectus, prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at https://www.sec.gov/edgar/search/. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the free writing prospectus, prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling toll-free **1-866-811-8049**.

### Attached PDF Documents

**Attachment 1:** `tm2527726d29_fwp.pdf`

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