New Issue: HSBC USA prices $1.12 million enhanced market participation notes linked to SPDR fund

By E. Janene Geiss

Philadelphia, May 22 - HSBC USA Inc. priced $1.12 million of 0% enhanced market participation notes due July 23, 2009 linked to the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 300% of any index gain, subject to a maximum return of 34%. Investors will be fully exposed to any index decline.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Enhanced market participation notes
Underlying index:	Financial Select Sector SPDR Fund
Amount:	$1.12 million
Maturity:	July 23, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any index gain, capped at maximum return of 34%; full exposure to any index decline
Initial index level:	25.53
Pricing date:	May 20
Settlement date:	May 23
Agent:	HSBC Securities (USA) Inc.
Fees:	1%

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