New Issue: HSBC prices $6.2 million bearish return optimization securities linked to Russell 2000

By Susanna Moon

Chicago, July 18 - HSBC USA Inc. priced $6.2 million of 0% bearish return optimization securities due July 23, 2009 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par of $10 plus 5% for each 1% decline in the index, up to a maximum return of 29%. Investors will lose 1% for each 1% gain in the index.

UBS Financial Services and HSBC USA Inc. are the underwriters.

Issuer:	HSBC USA Inc.
Issue:	Bearish return optimization securities
Underlying index:	Russell 2000
Amount:	$6.2 million
Maturity:	July 23, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times the absolute value of any index decline, capped at 29%; 1% loss for each 1% index gain
Initial index level:	686.75
Pricing date:	July 16
Settlement date:	July 21
Underwriters:	UBS Financial Services, HSBC USA Inc.
Fees:	1.25%

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