New Issue: HSBC prices $3 million best of airbag notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 22 - HSBC USA Inc. priced $3 million 0% best of airbag notes due May 5, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index falls below the barrier level - 50% of the initial level - during the life of the notes, the payout at maturity will be par plus the index return. Otherwise, the payout will be par plus the greater of the index return and 30.5%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Best of airbag notes
Underlying index:	S&P 500
Amount:	$3 million
Maturity:	May 5, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls below barrier level during life of notes, par plus index return; otherwise, par plus greater of index return and 30.5%
Initial index level:	832.39
Barrier level:	416.20, 50% of initial level
Pricing date:	April 20
Settlement date:	May 5
Agent:	HSBC Securities (USA) Inc.
Fees:	5.25%

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