New Issue: HSBC prices $3.61 million buffered enhanced market participation notes linked to S&P 500

By Jennifer Chiou

New York, Jan. 15 - HSBC USA Inc. priced $3.61 million 0% buffered enhanced market participation notes due July 16, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, capped at 12.5%.

Investors will receive par if the index declines by up to 30% and will lose 1% for each 1% that the index drops beyond 30%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Buffered enhanced market participation notes
Underlying index:	S&P 500
Amount:	$3,612,000
Maturity:	July 16, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any gain on the index, up to maximum return of 12.5%; par if index drops by up to 30%; 1% loss for each 1% drop beyond 30%
Initial level:	871.79
Pricing date:	Jan. 13
Settlement date:	Jan. 16
Agent:	HSBC Securities (USA) Inc.
Fees:	0.75%

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