New Issue: HSBC prices $51.69 million market-linked step-up notes on Euro Stoxx

By Marisa Wong

Madison, Wis., July 29 - HSBC USA Inc. priced $51.69 million of 0% market-linked step-up notes due July 31, 2015 tied to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value - 122.58% of the initial level - the payout at maturity will be par plus the index gain.

If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 22.58%.

Investors will be fully exposed to any losses.

BofA Merrill Lynch is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Market-linked step-up notes
Underlying index:	Euro Stoxx 50
Amount:	$51,689,140
Maturity:	July 31, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above the step-up level, par plus the gain; if index stays flat or gains up to step-up level, par plus 22.58%; otherwise, exposure to any losses
Initial index level:	2,740.29
Step-up level:	3,359.05, 122.58% of initial level
Pricing date:	July 25
Settlement date:	Aug. 1
Underwriters:	BofA Merrill Lynch
Fees:	2%
Cusip:	40433X522

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