New Issue: HSBC prices $2.28 million performance notes linked to four currencies

By Toni Weeks

San Diego, July 28 - HSBC USA Inc. priced $2.28 million of 0% performance securities due Aug. 1, 2012 linked to a basket of four currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The equally weighted basket components are the Australian dollar, the Canadian dollar, the Norwegian krone and the Swedish krona.

The payout at maturity will be par plus 1.5 times the basket return if the return is positive.

Investors will be fully exposed to losses.

UBS Financial Services Inc. and HSBC Securities (USA) Inc. are the agents.

Issuer:	HSBC USA Inc.
Issue:	Performance securities
Underlying currencies:	Australian dollar, Canadian dollar, Norwegian krone and Swedish krona, equally weighted and relative to the U.S. dollar
Amount:	$2,284,650
Maturity:	Aug. 1, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times any gain in the basket; full exposure to losses
Initial exchange rates:	0.9140 for Australian dollar, 0.9436 for Canadian dollar, 5.362 for Norwegian krone and 6.2668 for Swedish krona
Pricing date:	July 26
Settlement date:	July 29
Agents:	UBS Financial Services Inc. and HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40433C635

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