HSBC plans 0% enhanced market participation notes linked to S&P 500

By Jennifer Chiou

New York, March 6 - HSBC USA Inc. plans to price 0% enhanced market participation notes due May 29, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout at maturity will be par plus quadruple any gain on the index, capped at a payout of 121% of par. The exact cap will be set at pricing.

If the final index level is below the initial level, the payout will be par times the index performance.

The notes are expected to price on March 24 and settle on March 27.

HSBC Securities (USA) Inc. is the underwriter.

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