Your investment in the securities may result in a loss. Payment at Maturity per security. The securities are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction. HSBC has filed a registration statement including a prospectus, a prospectus supplement and underlying supplements with the SEC for the offerings to which this free writing prospectus relates. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns.

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Limitations on Issuances in Bearer Form. Description of Purchase Contracts.

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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. Investment in the securities involves certain risks. Although the equity securities held by the EFA are traded in currencies other than U. The securities will not be listed on any securities exchange.

The price to public takes into account certain costs. This free writing prospectus relates to three offerings of Buffered Accelerated Market Participation Securities. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would expect the economic terms vechor the securities to be more favorable to you. 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 designed to be short-term trading instruments, and you should, therefore, be able and willing to hold the securities to maturity. As further vecyor in the accompanying prospectus supplement and prospectus, the securities will rank on par with all of the other unsecured and unsubordinated debt obligations of HSBC, except such obligations as may be preferred by operation of law.

The Estimated Initial Value of the securities, which will be determined by us on the Pricing Date, will be less than the price to public and may differ from the market value of the securities in the secondary market, if any.

Federal Income Tax Considerations. If anyone provides you with different or inconsistent information, you should not rely on it.

Description of vecor SPX. Before you invest, you should read the prospectus, prospectus supplement and relevant underlying supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC and these offerings.

The implied borrowing rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities.

Your investment in the securities may result in a loss. You should consider carefully whether the securities are suitable to your investment goals. The following results are based solely on the assumptions outlined below.

In addition, small-capitalization companies are often less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Filed Pursuant to Rule The following table and examples are provided for illustrative purposes only and are hypothetical.



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Any payment to be made on the securities, including any return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they come due. The values of the EFA depends upon the stocks of non-U. You should not take this illustration or these examples as an indication or assurance of the expected performance of the vectro Reference Asset to which your securities are linked gvvc the return on your securities.

The securities will not be listed on any U. Notice to Canadian Investors. Historical Performance of the SPX. The accelerated maturity date will also be postponed by an equal number of business days. Any such actions could affect the value of the securities. If the securities have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with respect to the securities.

Description of the RTY. There is no direct legal authority as to the proper tax treatment of the securities, and therefore significant aspects of the tax treatment of the securities are uncertain as to both the timing and character of any inclusion in income in respect of the securities.

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