New Issue: HSBC prices $4.81 million 0% notes linked to Financial Select SPDR

By Susanna Moon

Chicago, Feb. 19 - HSBC USA Inc. priced $4.81 million of 0% enhanced market participation notes due March 19, 2009 linked to shares of the Financial Select Sector SPDR exchange traded fund, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout will be par plus 200% of any gain on the index, capped at a payout equal to 131% 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 fund:	Financial Select Sector SPDR
Amount:	$4,811,000
Maturity:	March 19, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 131% of par; if final index level is below the initial level, par times index performance
Initial level:	$26.83
Pricing date:	Feb. 15
Settlement date:	Feb. 21
Underwriter:	HSBC Securities (USA) Inc.
Fees:	1%

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