New Issue: HSBC prices $0.77 million 11.4% reverse convertibles linked to Deere

New York, April 28 - HSBC USA Inc. priced $0.77 million of 11.4% reverse convertible notes due Oct. 30, 2008 linked to Deere & Company stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Deere stock falls below the protection price of $67.50, 75% of the initial price of $90.00, during the life of the notes and finishes below the initial price in which case the payout will be Deere 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:	Deere & Company (Symbol: DE)
Amount:	$0.77 million
Maturity:	Oct. 30, 2008
Coupon:	11.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Deere stock falls below the protection price of $67.50, 75% of the initial price, and finishes below the initial price, in which case Deere shares equal to $1,000 principal amount divided by the initial price
Initial price:	$90.00
Protection price:	$67.50, 75% of $90.00
Pricing date:	April 25
Settlement date:	April 30
Agent:	HSBC Securities (USA) Inc.
Fees:	2.25%

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