New Issue: HSBC sells $7.91 million 98% protected notes linked to BRIC currencies via JPMorgan

By Susanna Moon

Chicago, Sept. 8 - HSBC USA Inc. priced $7.91 million of zero-coupon 98% principal-protected notes due Sept. 9, 2011 linked to the performance of a basket of equally weighted currencies relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

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

The underlying currencies are the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.

The payout at maturity will be $980 plus 152% of any basket gain, up to a maximum payout of $1,208 per note.

Investors will receive at least $980.

Issuer:	HSBC USA Inc.
Issue:	98% principal-protected notes
Underlying currencies:	Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted
Amount:	$7,911,000
Maturity:	Sept. 9, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	$980 plus 152% of any basket gain, capped at 20.8%; floor of 98% of par
Initial spot rates:	1.8524 for real, 31.6706 for ruble, 48.885 for rupee and 6.83 for renminbi
Pricing date:	Sept. 4
Settlement date:	Sept. 10
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%

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