New Issue: HSBC sells $770,000 15-month buffered AMPS linked to iShares MSCI EAFE

By Marisa Wong

Milwaukee, April 27 - HSBC USA Inc. priced $770,000 of 0% buffered Accelerated Market Participation Securities due July 28, 2011 based on the performance of the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any increase in the fund share price, up to a maximum return of 17%. Investors will receive par if the share price 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 fund:	iShares MSCI EAFE
Amount:	$770,000
Maturity:	July 28, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any share price increase, capped at 17%; exposure to losses beyond 10%
Initial share price:	$56.46
Pricing date:	April 23
Settlement date:	April 28
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%
Cusip:	4042K0U94

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