New Issue: HSBC USA prices $4.095 million 18% reverse convertibles linked to Apple Computer

By Jennifer Chiou

New York, Aug. 29 - HSBC USA Inc. priced a $4.095 million issue of 18% reverse convertible notes due Nov. 30, 2006 linked to Apple Computer, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Apple Computer stock declines by 25% or more during the life of the notes and it finishes below the initial price, in which case investors will receive a number of Apple Computer shares equal to $1,000 divided by the initial price.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Apple Computer, Inc.
Amount:	$4.095 million
Maturity:	Nov. 30, 2006
Price:	Par
Coupon:	18%
Payout at maturity:	Par unless Apple Computer stock falls by 25% or more during the life of the notes and it finishes below the initial price, in which case a number of Apple Computer shares equal to $1,000 divided by the initial price
Initial price:	$68.77
Pricing date:	Aug. 25
Settlement date:	Aug. 31
Agent:	HSBC Securities (USA) Inc.

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