HSBC USA to price autocallable notes linked to JPMorgan, Goldman Sachs

By Angela McDaniels

Tacoma, Wash., May 15 - HSBC USA Inc. plans to price 0% autocallable notes due June 4, 2010 linked to the common stocks of JPMorgan Chase & Co. and Goldman Sachs Group, Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes will be called automatically if the worst-performing stock closes at or above its initial price on any of eight quarterly auto redemption dates. Investors will receive par plus an annualized return of 21% to the redemption date.

If the notes are not called, the payout at maturity will be par if the final price of each stock is greater than or equal to its barrier price - 75% of its initial price. If the final price of the worst-performing stock is less than its barrier price, the payout will be a number of shares of the worst-performing stock equal to par divided by that stock's initial price.

The notes are expected to price on May 28 and settle on June 4.

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

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