# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-097850
**Filing Date:** 2025-10
**Character Count:** 11334
**Document Hash:** 8e2b6fdc4ca28c403afd56c4eab979f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-097850.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001104659-25-097850

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**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:** 251381798

**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

**Filed Pursuant to Rule 433<br> Registration No. 333-277211**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; HSBC USA Inc.<br> Market Linked Securities | ![](tm2527726d182_fwpimg001.jpg)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Market Linked Securities – Leveraged Upside Participation and Contingent Downside** <br>**Principal at Risk Securities Linked to the Dow Jones Industrial Average<sup>®</sup> due October 22, 2031**<br>**Term Sheet to Free Writing Prospectus dated October 8, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Market Linked Securities – Leveraged Upside Participation and Contingent Downside** <br>**Principal at Risk Securities Linked to the Dow Jones Industrial Average<sup>®</sup> due October 22, 2031**<br>**Term Sheet to Free Writing Prospectus dated October 8, 2025** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Summary of Terms | &nbsp;&nbsp;Summary of Terms |
| &nbsp;&nbsp;&nbsp;Issuer | HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;&nbsp;Market Measure | The Dow Jones Industrial Average<sup>®</sup> (Bloomberg ticker symbol "INDU") (the "Index") |
| &nbsp;&nbsp;&nbsp;Face Amount (Original Offering Price) | The principal amount of $1,000 per security |
| &nbsp;&nbsp;&nbsp;Pricing Date\* | October 17, 2025 |
| &nbsp;&nbsp;&nbsp;Issue Date\* | October 22, 2025 |
| &nbsp;&nbsp;&nbsp;Final Calculation Day\* | October 17, 2031 |
| &nbsp;&nbsp;&nbsp;Stated Maturity Date\* | October 22, 2031 |
| &nbsp;&nbsp;&nbsp;Maturity Payment Amount (per security) | · if the Ending Level is greater than the Starting Level, $1,000 *plus*: $1,000 × Index Return × Upside Participation Rate;<br>· if the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold Level:<br>$1,000; or<br>· if the Ending Level is less than the Threshold Level: <br>$1,000 + ($1,000 × Index Return) |
| &nbsp;&nbsp;&nbsp;Upside Participation Rate | At least 102% (to be determined on the pricing date) |
| &nbsp;&nbsp;&nbsp;Threshold Level | 70.00% of the Starting Level |
| &nbsp;&nbsp;&nbsp;Index Return | (Ending Level – Starting Level) / Starting Level |
| &nbsp;&nbsp;&nbsp;Starting Level | The Closing Level of the Index on the Pricing Date |
| &nbsp;&nbsp;&nbsp;Ending Level | The Closing Level of the Index on the Final Calculation Day |
| &nbsp;&nbsp;&nbsp;Calculation Agent | HSBC |
| &nbsp;&nbsp;&nbsp;Denominations | $1,000 and integral multiples of $1,000 in excess thereof |
| &nbsp;&nbsp;&nbsp;Agent's Commission and Other Fees | Up to 4.745%; dealers, including those using the trade name Wells Fargo Advisors ("WFA"), may receive a selling concession of up to 3.50% and WFA may receive a distribution expense fee of 0.12%. In addition, in respect of certain securities sold in this offering, the Issuer may pay a fee of up to 0.20% per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. |
| &nbsp;&nbsp;&nbsp;CUSIP / ISIN | 40447DEV6 / US40447DEV64 |
| &nbsp;&nbsp;&nbsp;Material Tax Consequences | See the free writing prospectus |
| &nbsp;&nbsp;&nbsp;\*Subject to change | &nbsp;&nbsp;&nbsp;\*Subject to change |

---

Hypothetical Payout Profile\*\*

![](tm2527726d182_fwpimg002.jpg)

**If the Ending Level is less than the Threshold Level, you will have full downside exposure to the decrease in the level of the Index from the Starting Level and will lose more than 30%, and possibly all, of the face amount of your securities at maturity.**

The estimated initial value of the securities on the Pricing Date is expected to be between $900.00 and $940.00 per security, which will be less than the original offering price. The market value of the securities at any time will reflect many factors and cannot be predicted with accuracy. See "Terms of the Securities—Estimated Initial Value" in the accompanying free writing prospectus.

Free Writing Prospectus:

[https://www.sec.gov/Archives/edgar/data/83246/000110465925097836/tm2 527726d180_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925097836/tm2527726d180_fwp.htm)

**The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See "Selected Risk Considerations" in this term sheet and beginning on page FWP-7 of the accompanying free writing prospectus, and "Risk Factors" beginning on page PS-5 of the accompanying product supplement, page S-1 of the underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus** **.**

**This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.**

**Investors should carefully review the accompanying free writing prospectus, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the securities. If the terms described in the free writing prospectus are inconsistent with those described herein, the terms described in the free writing prospectus will control.**

Selected Risk Considerations

The risks set forth below are discussed in detail in the "Selected Risk Considerations" section in the accompanying free writing prospectus and the "Risk Factors" section in the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Risks Relating To The Structure Of The Securities</u><br>· If The Ending Level Is Less Than The Threshold Level, You Will Lose More Than 30%, And Possibly All, Of The Face Amount Of Your Securities At Maturity.<br>· No Periodic Interest Will Be Paid On The Securities.<br>· The Stated Maturity Date May Be Postponed If The Final Calculation Day Is Postponed.<br><u>Risk Relating To The Credit Risk Of HSBC</u><br>· The Securities Are Subject To The Credit Risk Of HSBC USA Inc.<br><u>Risks Relating To The Estimated Value Of The Securities And Any Secondary Market</u><br>· The Estimated Initial Value Of The Securities, Which Will Be Determined By Us On The Pricing Date, Is Expected To Be Less Than The Original Offering Price And May Differ From The Market Value Of The Securities In The Secondary Market, If Any.<br>· The Price Of Your Securities In The Secondary Market, If Any, Immediately After The Pricing Date Is Expected To Be Less Than The Original Offering Price.<br>· If HSBC Securities (USA) Inc. Or The Agent Were To Repurchase Your Securities Immediately After The Issue Date, The Price You Receive May Be Higher Than The Estimated Initial Value Of The Securities.<br>· The Value Of The Securities Prior To Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.<br>· The Securities Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Securities To Develop. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Risks Relating To The Index</u><br>· Any Payments On The Securities Will Depend Upon The Performance Of The Index And Therefore The Securities Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.<br>o Investing In The Securities Is Not The Same As Investing In The Index.<br> o Historical Levels Of The Index Should Not Be Taken As An Indication Of The Future Performance Of The Index During The Term Of The Securities.<br> o Changes That Affect The Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.<br> o We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Index.<br> o We And Our Affiliates Have No Affiliation With The Index Sponsor And Have Not Independently Verified Its Public Disclosure Of Information.<br><u>Risks Relating To Conflicts Of Interest</u><br>· Our Economic Interests And Those Of Any Dealer Participating In The Offering Of Securities Will Potentially Be Adverse To Your Interests.<br><u>Risk Relating To Tax</u><br>· The U.S. Federal Tax Consequences Of An Investment In The Securities Are Unclear.<br>|

---

The Issuer has filed a registration statement (including a prospectus, a prospectus supplement, an underlying supplement and a product supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus, the prospectus supplement, the underlying supplement and the product 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 website at www.sec.gov. Alternatively, any agent or any dealer participating in the offering will arrange to send you the prospectus, the prospectus supplement, the underlying supplement and the product supplement if you request them by calling your financial advisor or by calling Wells Fargo Securities at 866-346-7732.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

### Attached PDF Documents

**Attachment 1:** `tm2527726d182_fwp.pdf`

_No text found in this document._