HSBC plans knock-out buffer notes linked to iShares MSCI Mexico fund

By Jennifer Chiou

New York, May 21 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Nov. 26, 2010 linked to the iShares MSCI Mexico index fund, according to an FWP with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

If the exchange-traded fund's shares fall below the knock-out level - 70% of the initial share price - on any day during the life of the notes, the payout at maturity will be par plus the fund return.

Otherwise, the payout will be par plus the greater of the fund return and 15%.

The notes will price on May 22 and settle on May 28.

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