Filed Pursuant to Rule 433

Registration No. 333-180289

	Market-Linked Step Up Notes Linked to the Russell 2000® Index
Issuer	HSBC USA Inc. (“HSBC”)
Original Offering Price	$10.00 per unit
Term	Approximately three years
Market Measure	Russell 2000® Index (Bloomberg symbol: “RTY”)
Payout Profile at Maturity	•    If the Market Measure is flat or increases, but is below the Step Up Value, a return of 15% •    If the Market Measure increases up to or above the Step Up Value, [105% - 125%] participation in increases in the Market Measure •    1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of the Original Offering Price at risk
Step Up Value	115% of the Starting Value
Step Up Payment	$1.50 per unit, a 15% return over the Original Offering Price
Participation Rate	[105% - 125%]; to be determined on the pricing date
Threshold Value	100% of the Starting Value
Investment   Considerations	This investment is designed for investors who anticipate that the Market Measure will increase over the term of the notes and are willing to take full downside risk and forgo interim interest payments.
Preliminary Offering   Documents
Exchange Listing	No
You should read the relevant Preliminary Offering Documents before you invest.   Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.		Graphs are for illustrative purposes only and do not represent the specific terms of any Market-Linked Investment.

Risk Factors

Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

• Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

• Payments on the notes, including repayment of principal, are subject to the credit risk of HSBC. If HSBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

• The initial estimated value of the notes on the pricing date will be less than their public offering price.

• If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

• You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.

Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.

HSBC has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents, and the other documents that we have filed with the SEC, for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, HSBC, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S toll-free at 1-866-500-5408.