HSBC plans 13-month PLUS linked to iShares MSCI Emerging Markets ETF

By Marisa Wong

Madison, Wis., Feb. 28 - HSBC USA Inc. plans to price 0% Performance Leveraged Upside Securities due April 30, 2012 based on the performance of the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple any fund price gain, up to a maximum payment of $11.60 to $12.00 per note. The exact cap will be set at pricing.

Investors will be exposed to any losses.

The notes (Cusip: 40433C205) will price on March 25 and settle on March 30.

HSBC Securities (USA) Inc. is the agent. It will use all of the fees to pay a sales commission to Morgan Stanley Smith Barney LLC.

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