Summary of Terms

Issuer	HSBC USA Inc. (“HSBC”)
Term	Approximately 4 years
Reference Asset	The S&P 500^® Index, the Russell 2000^® Index and the EURO STOXX 50^® Index (each, an “Underlying”)
Principal Amount	$1,000 per security
Pricing Date	January 16, 2020*
Original Issue Date	January 22, 2020*
Observation Dates	Quarterly, each January, April, July and October, commencing on April 16, 2020 and ending on January 16, 2024 (the “Final Valuation Date”)*
Call Observation Dates	The Observation Dates commencing on July 16, 2020 and ending on October 16, 2023*
Maturity Date	January 19, 2024*
Contingent Coupon	See “How to Determine If a Contingent Coupon Is Payable” on page 2
Contingent Coupon Rate	[8.00%-9.00%] per annum, to be determined on the Pricing Date
Automatic Call	See “How to Determine If the Securities Will Be Automatically Called” on page 2
Payment at Maturity per Security	See “How the Payment at Maturity Is Calculated” on page 2
Lowest Performing Underlying	The Underlying with the lowest Final Return
Final Return	With respect to each Underlying, Final Level – Initial Level Initial Level
Initial Level	With respect to each Underlying, its Official Closing Level on the Pricing Date
Final Level	With respect to each Underlying, its Official Closing Level on the Final Valuation Date
Coupon Trigger/ Barrier Level	For each Underlying, 75% of its Initial Level
Calculation Agent	HSBC USA Inc., or one of its affiliates
Denominations	$1,000 and any integral multiple of $1,000
Agent Discount	Up to 2.50%, of which dealers, including those using the trade name Wells Fargo Advisors (“WFA”), may receive a selling concession of up to 1.50%, and WFA will receive a distribution expense fee of 0.075%
CUSIP	40435UW59 / US40435UW598

Investment Description

Linked to the Lowest Performing of the S&P 500^® Index, the Russell 2000^® Index and the EURO STOXX 50^® Index

Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call prior to maturity upon the terms described below. Whether the securities pay a Contingent Coupon, whether the securities are automatically called prior to maturity and, if they are not automatically called, the amount of the Payment at Maturity will depend in each case on the Official Closing Level of each Underlying or the Lowest Performing Underlying, as applicable, on the relevant Observation Date. The Lowest Performing Underlying is the Underlying with the lowest Final Return.

Contingent Coupon: If the Official Closing Level of each Underlying is greater than or equal to its Coupon Trigger on the relevant Observation Date, you will receive the Contingent Coupon applicable to that Observation Date. However, If the Official Closing Level of any Underlying is less than its Coupon Trigger on the relevant Observation Date, the Contingent Coupon applicable to that Observation Date will not be payable. You may not receive any Contingent Coupons over the term of the securities.

Automatic Call: If the Official Closing Level of each Underlying on any of the quarterly Call Observation Date is greater than or equal to its Initial Level, the securities will be automatically called for the Principal Amount plus the applicable Contingent Coupon. No further payments will be made on the securities once they have been called.

Potential Loss of Principal: If the securities are not automatically called prior to maturity and the Final Level of the Lowest Performing Underlying is greater than or equal to its Barrier Level, you will receive the Principal Amount plus the final Contingent Coupon. However, if the Final Level of the Lowest Performing Underlying is less than its Barrier Level, you will lose more than 25%, and possibly all, of the Principal Amount.

All payments on the securities are subject to the credit risk of HSBC, and you will have no ability to pursue any securities included in any Underlying for payment; if HSBC defaults on its obligations, you could lose some or all of your investment

*To the extent that the Issuer makes any change to the expected Pricing Date or expected Original Issue Date, the Observation Dates, including the Final Valuation Date, the Call Observation Dates and the Maturity Date may also be changed in the Issuer’s discretion to ensure that the term of the securities remains the same.

The Estimated Initial Value of the securities on the Pricing Date is expected to be between $930.00 and $970.00 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. 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, at any time. The Estimated Initial Value will be calculated on the Pricing Date and will be set forth in the final pricing supplement. See “Risk Factors — 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” in the accompanying free writing prospectus.

You should carefully consider, among other things, the matters set forth in “Risk Factors” in this term sheet, beginning on page FWP-7 of the free writing prospectus, page S-1 of the prospectus supplement and page S-1 of the Equity Index Underlying Supplement, as the securities involve risks not associated with conventional debt securities.

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, Equity Index Underlying Supplement, prospectus supplement and prospectus before making a decision to invest in the securities. Terms used herein without definition will have the meanings ascribed to them in the accompanying free writing prospectus.

NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY.

If the Official Closing Level of each Underlying is greater than or equal to its Coupon Trigger on the relevant Observation Date, you will receive the Contingent Coupon applicable to that Observation Date on the applicable Coupon Payment Date.

If the Official Closing Level of any Underlying is less than its Coupon Trigger on the relevant Observation Date, the Contingent Coupon applicable to that Observation Date will not be payable.

Each quarterly Contingent Coupon payment, if payable, will be calculated per security as follows:

The Contingent Coupon Rate will be [8.00%-9.00%] per annum (to be determined on the Pricing Date). Any Contingent Coupon payments will be rounded to the nearest cent, with one-half cent rounded upward.

We will automatically call the securities if the Official Closing Level of each Underlying is at or above its Initial Level on any Call Observation Date. If the securities are automatically called, you will receive the Principal Amount plus the applicable Contingent Coupon on the corresponding Call Payment Date. No further payments will be made on the securities once they have been called.

Unless the securities are automatically called, for each $1,000 Principal Amount, you will receive a cash payment on the Maturity Date, calculated as follows:

n If the Final Level of the Lowest Performing Underlying is greater than or equal to its Barrier Level:

n If the Final Level of the Lowest Performing Underlying is less than its Barrier Level:

If the securities are not automatically called prior to maturity and the Final Level of the Lowest Performing Underlying is less than its Barrier Level, you will lose more than 25%, and possibly all, of the Principal Amount. Even with any Contingent Coupons, your return on the securities may be negative.

The return on the securities will be limited to the Contingent Coupons, if any, paid during the term of the securities. You will not participate in any appreciation of any Underlying, but you will have full downside exposure to the Lowest Performing Underlying on the Final Valuation Date if the securities are not automatically called prior to maturity and the Final Level of the Lowest Performing Underlying is less than its Barrier Level.

If the securities are automatically called: If the securities are automatically called prior to maturity, you will receive the Principal Amount plus the relevant Contingent Coupon on the relevant Call Payment Date. In the event the securities are automatically called, your total return on the securities will equal the return represented by the Contingent Coupons received on or prior to the Call Payment Date.

If the securities are not automatically called: If the securities are not automatically called prior to maturity, the following table illustrates, for a range of hypothetical Final Returns of the Lowest Performing Underlying, the hypothetical Payment at Maturity per security.

The above figures do not take into account any Contingent Coupons received on the securities. As noted above, any positive return on the securities will be limited to any Contingent Coupons received during the term of the securities.

The above figures are for purposes of illustration only and may have been rounded for ease of analysis. If the securities are not automatically called prior to maturity, the actual amount you will receive at maturity will depend on the actual Final Return of the Lowest Performing Underlying on the Final Valuation Date. The performance of the better performing Underlyings is not relevant to the Payment at Maturity on the securities.

*The graphs above are based on the daily Official Closing Levels of the Underlyings for the period from January 1, 2014 to December 24, 2019. The historical performance of any Underlying is not an indication of its future performance during the term of the securities.

The risks set forth below are discussed in detail in the “Risk Factors” section in the accompanying free writing prospectus and the accompanying Equity Index Underlying Supplement and prospectus supplement. Please review those risk disclosures carefully.

Investment suitability must be determined individually for each investor. The securities described herein are not a suitable investment for all investors. In particular, no investor should purchase the securities unless they understand and are able to bear the associated market, liquidity and yield risks. Unless market conditions and other relevant factors change significantly in your favor, a sale of the securities prior to maturity is likely to result in sale proceeds that are substantially less than the Principal Amount per security. None of HSBC Securities (USA) Inc., Wells Fargo Securities, or their respective affiliates are obligated to purchase the securities from you at any time prior to maturity.

HSBC has filed a registration statement (No. 333-223208) (including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling toll-free 1-866-811-8049.

You may access these documents and the free writing prospectus on the SEC web site at www.sec.gov as follows:

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.

Investors should review carefully the accompanying free writing prospectus, Equity Index Underlying Supplement, prospectus supplement and prospectus and consult their tax advisors regarding the application of the U.S. federal tax laws to their particular circumstances, as well as any tax consequences arising under the laws of any state, local or non-U.S. jurisdiction.

Hypothetical Final Return of the Lowest Performing Underlying	Hypothetical Payment at Maturity (Excluding Any Contingent Coupons Payable on the Securities)
100.00%	$1,000.00
80.00%	$1,000.00
60.00%	$1,000.00
40.00%	$1,000.00
20.00%	$1,000.00
0.00%	$1,000.00
-10.00%	$1,000.00
-15.00%	$1,000.00
-20.00%	$1,000.00
-25.00%	$1,000.00
-40.00%	$600.00
-55.00%	$450.00
-60.00%	$400.00
-75.00%	$250.00
-80.00%	$200.00
-100.00%	$0.00