New Issue: HSBC prices $0.411 million 13% reverse convertibles linked to Research in Motion

New York, Aug. 28 - HSBC USA Inc. priced $0.411 million of 13% reverse convertible notes due March 2, 2009 linked to Research In Motion Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Research in Motion shares fall below the protection price of $76.308, 60% of the initial price of $127.18, during the life of the notes and finish below the initial price in which case the payout will be Research in Motion shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Research In Motion Ltd. (Symbol: RIMM)
Amount:	$0.411 million
Maturity:	March 2, 2009
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Research in Motion shares fall below the protection price of $76.308, 60% of the initial price, and finish below the initial price, in which case Research in Motion shares equal to $1,000 principal amount divided by the initial price
Initial price:	$127.18
Protection price:	$76.308, 60% of $127.18
Pricing date:	Aug. 26
Settlement date:	Aug. 29
Agent:	HSBC Securities (USA) Inc.
Fees:	2.25%

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