New Issue: HSBC prices $1.26 million buffered return enhanced notes linked to S&P 500 via JPMorgan

By Susanna Moon

Chicago, Dec. 12 - HSBC USA Inc. priced $1.26 million of 0% buffered return enhanced notes due June 16, 2009 linked to the S&P 500 index via agent J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus double any index gain, up to a maximum return of 18.7%.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.

Issuer:	HSBC USA Inc.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$1.26 million
Maturity:	June 16, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 18.7%; par if index falls by 10% or less; 1.1111% loss for every 1% decline beyond 10%
Initial index level:	873.59
Pricing date:	Dec. 11
Settlement date:	Dec. 16
Agent:	J.P. Morgan Securities Inc.
Fees:	0.5%

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