New Issue: HSBC prices $1.16 million equity buffer notes linked to Dow Jones Industrial Average

By E. Janene Geiss

Philadelphia, Nov. 26 - HSBC USA Inc. priced $1.16 million of 0% equity buffer notes due May 28, 2010 linked to the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any gain on the index, subject to a maximum return of 22%. Investors will receive par if the index falls by 20% or less and will lose 1% for every 1% that the index declines beyond 20%.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Equity buffer notes
Underlying index:	Dow Jones Industrial Average
Amount:	$1,163,000
Maturity:	May 28, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at maximum return of 22%; par if index falls by 20% or less; 1% loss for every 1% decline beyond 20%
Initial index level:	8,443.39
Pricing date:	Nov. 24
Settlement date:	Nov. 28
Underwriters:	HSBC Securities (USA) Inc.
Fees:	0.5%

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