New Issue: HSBC USA prices $230,000 10% notes linked to Consol Energy

By Angela McDaniels

Seattle, Feb. 27 - HSBC USA Inc. priced a $230,000 offering of 10% reverse convertible notes due Feb. 28, 2008 linked to the common stock of Consol Energy Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Consol Energy stock falls below the barrier price of $28.25 during the life of the notes and finishes below the initial share price of $37.67, in which case the payout will be a number of Consol Energy shares equal to $1,000 divided by the initial share price.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Consol Energy Inc.
Amount:	$230,000
Maturity:	Feb. 28, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If Consol Energy falls below the barrier price during the life of the notes and finishes below the initial share price, 26.54632 Consol Energy shares; otherwise, par
Initial share price:	$37.67
Barrier price:	$28.25, 75% of $37.67
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	HSBC Securities (USA) Inc.
Agent fees:	3%

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