New Issue: HSBC sells $1.15 million bearish accelerated market participation notes on S&P 500

By Susanna Moon

Chicago, Oct. 19 - HSBC USA Inc. priced $1.15 million of 0% bearish accelerated market participation securities due Nov. 22, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple the absolute value of any index decline, up to a maximum return of 18%.

Investors will lose 1% for each 1% index gain.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Bearish accelerated market participation securities
Underlying index:	S&P 500 index
Amount:	$1,152,000
Maturity:	Nov. 22, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of absolute value of index losses, capped at 18%; 1% loss for each 1% index gain
Initial index level:	1,096.56
Pricing date:	Oct. 15
Settlement date:	Oct. 20
Agent:	HSBC Securities (USA) Inc.
Fees:	0.433%

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