New Issue: HSBC USA prices $4.75 million equity buffer notes linked to S&P 500

By Angela McDaniels

Seattle, Aug. 28 - HSBC USA Inc. priced $4.75 million of 0% equity buffer notes due Oct. 30, 2008 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, subject to a maximum return of 18%. Investors will receive par if the index declines by 10% or less and will lose 1.111% for each 1% index decline beyond 10%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Equity buffer notes
Underlying index:	S&P 500
Amount:	$4,753,000
Maturity:	Oct. 30, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 18% maximum return; par if index falls by 10% or less; 1.111% loss for each 1% decline beyond 10%
Initial index level:	1,466.79
Pricing date:	Aug. 27
Settlement date:	Aug. 30
Agent:	HSBC Securities (USA) Inc.
Fees:	0.1%

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