New Issue: HSBC prices $1.15 million 27% reverse convertibles linked to First Solar

New York, Oct. 9 - HSBC USA Inc. priced $1.15 million of 27% reverse convertible notes due April 9, 2008 linked to First Solar, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless First Solar stock falls below the protection price of $92.2600, 70% of the initial price of $131.80, during the life of the notes and finishes below the initial price in which case the payout will be First Solar shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	First Solar, Inc. (Symbol: FSLR)
Amount:	$1.15 million
Maturity:	April 9, 2008
Coupon:	27%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Solar stock falls below the protection price of $92.2600, 70% of the initial price, and finishes below the initial price, in which case First Solar shares equal to $1,000 principal amount divided by the initial price.
Initial price:	$131.80
Protection price:	$92.2600, 70% of $131.80
Pricing date:	Oct. 4
Settlement date:	Oct. 10
Agent:	HSBC Securities (USA) Inc.
Agent fee:	3%

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