New Issue: HSBC sells $11.96 million PLUS linked to iShares MSCI Emerging Markets

By E. Janene Geiss

Philadelphia, May 27 - HSBC USA Inc. priced $11.96 million of 0% Performance Leveraged Upside Securities due June 27, 2012 linked to the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple any gain in the index fund, up to a maximum of $11.83 per note. Investors will be exposed to any losses.

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.

Issuer:	HSBC USA Inc.
Issue:	Performance Leveraged Upside Securities
Underlying ETF:	iShares MSCI Emerging Markets index fund
Amount:	$11,956,260
Maturity:	June 27, 2012
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 300% of any gain in the fund, up to 18.3% maximum return; exposure to any losses
Initial fund price:	$46.57
Pricing date:	May 24
Settlement date:	May 27
Agent:	HSBC Securities (USA) Inc.
Fees:	2% to be paid to Morgan Stanley Smith Barney LLC
Cusip:	40433C841

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