New Issue: HSBC prices $1.12 million equity buffer notes linked to index basket

By E. Janene Geiss

Philadelphia, March 28 - HSBC USA Inc. priced a $1,124,000 issue of 0% equity buffer notes due March 31, 2011 linked to an index basket, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of the S&P 500 index and the MSCI EAFE index.

If the final basket level is at least the initial level, the payout at maturity will be par plus 120% of any basket gain. If the basket level declines by up to 10%, the payout will be par. Investors will lose 1% for every 1% that the baskets decline beyond 10%.

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

Issuer:	HSBC USA Inc.
Issue:	Equity buffer notes
Underlying basket:	S&P 500 and MSCI EAFE indexes
Amount:	$1,124,000
Maturity:	March 31, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is at least initial level, par plus 120% of any basket gain; par if basket declines by up to 10%; investors lose 1% for each 1% decline beyond 10%
Initial levels:	1,349.88 for S&P 500; 1,946.06 for MSCI EAFE
Pricing date:	March 24
Settlement date:	March 31
Agent:	HSBC Securities (USA) Inc.
Fees:	0.10%

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