New Issue: HSBC prices $11.45 million 0% enhanced market participation notes linked to S&P 500

By Laura Lutz

Des Moines, Jan. 15 - HSBC USA Inc. prices $11.45 million of 0% enhanced market participation notes due Feb. 17, 2009 linked to the S&P 500 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 triple any gain on the index, capped at a payout equal to 121.75% of par.

If the final index level is below the initial level, 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:	S&P 500 index
Amount:	$11,445,000
Maturity:	Feb. 17, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least initial level, par plus 300% of any index gain, capped at payout of 121.75% of par; otherwise, par times index performance
Initial level:	1,416.25
Pricing date:	Jan. 14
Settlement date:	Jan. 17
Underwriter:	HSBC Securities (USA) Inc.
Fees:	1%

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