New Issue: HSBC USA prices $788,000 digital equity buffer notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Nov. 26 - HSBC USA Inc. priced $788,000 of 0% digital equity buffer notes due May 28, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial level, the payout at maturity will be par plus 17%. Investors will receive par if the index declines by 20% or less and will lose 1% for every 1% that the index declines beyond 20%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Digital equity buffer notes
Underlying index:	S&P 500
Amount:	$788,000
Maturity:	May 28, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 17%; par if index declines by 20% or less; 1% loss for every 1% that index declines beyond 20%
Initial index level:	851.81
Pricing date:	Nov. 24
Settlement date:	Nov. 28
Agent:	HSBC Securities (USA) Inc.
Fees:	1.5%

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