New Issue: HSBC sells $2.27 million buffered enhanced notes on iShares MSCI Emerging Markets

By Susanna Moon

Chicago, March 17 - HSBC USA Inc. priced $2.27 million 0% buffered enhanced market participation notes due May 18, 2011 linked to the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 125% of any fund gain, up to a cap of 70.5%.

Investors will receive par if the fund falls by up to 20% and will be exposed to declines beyond 20%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Buffered enhanced market participation notes
Underlying fund:	iShares MSCI Emerging Markets index fund
Amount:	$2,274,000
Maturity:	May 18, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any fund gain, capped at 70.5%; par if fund drops by up to 20%; exposure to losses beyond 20%
Initial level:	23.36
Pricing date:	March 13
Settlement date:	March 18
Agent:	HSBC Securities (USA) Inc.
Fees:	0.15%

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