HSBC USA plans buffered enhanced market participation notes linked to iShares MSCI Emerging Markets

By Jennifer Chiou

New York, Nov. 13 - HSBC USA Inc. plans to price 0% buffered enhanced market participation notes due Jan. 4, 2010 linked to the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain in the fund's share price, subject to a maximum return of 36% to 44%. The exact cap will be set at pricing.

Investors will receive par if the fund falls by 15% or less and will lose 1% for each 1% decline in the fund beyond 15%.

The notes are expected to price on Nov. 20 and settle on Nov. 25.

HSBC Securities (USA) Inc. will be the agent.

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