New Issue: HSBC USA prices $4 million 9% reverse convertibles linked to Popular

By Angela McDaniels

Seattle, Sept. 11 - HSBC USA Inc. priced a $4 million issue of 9% reverse convertible notes due Sept. 21, 2007 linked to Popular, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Popular stock falls by 10% or more during the life of the notes and finishes below its initial price on the valuation day, Sept. 18, 2007, in which case payout will be a number of Popular shares equal to $1,000 divided by the initial share price.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Popular, Inc.
Amount:	$4 million
Maturity:	Sept. 21, 2007
Price:	Par
Coupon:	9%, paid monthly
Payout at maturity:	Par in cash unless Popular falls below $17.109 during the life of the notes and finishes below its initial price; in which case, 52.60389 shares of Popular stock
Initial share price:	$19.01
Barrier price:	$17.109, 90% of initial share price
Pricing date:	Sept. 7
Settlement date:	Sept. 21
Agent:	HSBC Securities (USA) Inc.

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