New Issue: HSBC sells $1.94 million 15-month buffered AMPS linked to Russell 2000

By Marisa Wong

Milwaukee, April 27 - HSBC USA Inc. priced $1.94 million of 0% buffered Accelerated Market Participation Securities due July 28, 2011 based on the performance of the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, up to a maximum return of 14.5%. Investors will receive par if the index declines by up to 10% and will lose 1% for each 1% decline beyond the buffer.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Buffered Accelerated Market Participation Securities
Underlying index:	Russell 2000
Amount:	$1,937,000
Maturity:	July 28, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 14.5%; exposure to losses beyond 10%
Initial index level:	741.92
Pricing date:	April 23
Settlement date:	April 28
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	4042K0U86

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