New Issue: HSBC USA prices $116,000 enhanced market participation notes linked to Hang Seng

By Angela McDaniels

Seattle, Sept. 27 - HSBC USA Inc. priced $116,000 of 0% enhanced market participation notes due Sept. 30, 2008 linked to the Hang Seng index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any index gain, subject to a maximum return of 21.5%. Investors will be fully exposed to any index decline.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Enhanced market participation notes
Underlying index:	Hang Seng
Amount:	$116,000
Maturity:	Sept. 30, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, capped at maximum return of 21.5%; full participation in any index decline
Initial index level:	26,430.29
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Agent:	HSBC Securities (USA) Inc.
Fees:	2.5%

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