New Issue: HSBC USA prices $7.18 million performance securities linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 28 - HSBA USA Inc. priced $7.18 million of 0% performance securities with contingent protection due March 31, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index remains at or above the trigger level - 75% of the initial level - throughout the life of the notes, the payout at maturity will be par of $10 plus the greater of the final index return and 20.2%.

If the index falls below the trigger level at any time, the payout at maturity will be par plus the final index return.

UBS Financial Services Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Performance securities with contingent protection
Underlying index:	S&P 500
Amount:	$7,176,090
Maturity:	March 31, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index remains at or above the trigger level throughout the life of the notes, par plus the greater of the final index return and 20.2%; otherwise, par plus the final index return.
Initial index level:	1,341.13
Trigger level:	1,005.85, 75% of initial level
Pricing date:	March 26
Settlement date:	March 31
Underwriter:	UBS Financial Services Inc.
Fees:	2.5%

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