HSBC plans 7%-10% callable yield notes on iShares MSCI EM, Russell

By Marisa Wong

Milwaukee, April 1 - HSBC USA Inc. plans to price 7% to 10% callable yield notes due April 28, 2011 based on the performance of the iShares MSCI Emerging Markets index fund and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The notes are callable at par on any interest payment date.

If the notes are not called, the payout at maturity will be par unless either of the underlying components falls to or below 75% of its initial level during the life of the notes and finishes below its initial level, in which case investors will receive par plus the return of the worse-performing fund or index, up to a maximum payout of par.

The notes will price on April 23 and settle on April 28.

HSBC Securities (USA) Inc. is the underwriter.

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