New Issue: HSBC prices $316,000 enhanced participation notes linked to PHLX Gold & Silver

By Laura Lutz

Des Moines, Oct. 30 - HSBC USA Inc. priced $316,000 of enhanced market participation notes due Nov. 3, 2008 linked to the PHLX Gold & Silver Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout will be par plus 300% of any gain on the index, capped at a payout equal to 124.5% of par.

Otherwise, the payout will be par times the index performance.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Enhanced market participation notes
Underlying index:	PHLX Gold & Silver Sector index
Amount:	$316,000
Maturity:	Nov. 3, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least initial level, par plus 300% of any gain, capped at payout equal to 124.5% of par; otherwise, par times index performance
Initial level:	182.41
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Underwriter:	HSBC Securities (USA) Inc.
Fees:	2.5%

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