New Issue: HSBC USA prices $1 million equity buffer notes linked to Dow Industrials

By E. Janene Geiss

Philadelphia, Dec. 24 - HSBC USA Inc. priced a $1 million issue of equity buffer plus notes due June 29, 2010 linked to the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.

If the index increases, the payout at maturity will be par plus double any index return, subject to a maximum return of par plus 21%. Investors will receive par if the index declines by 20% or less and lose 1% for every 1% the index declines beyond 20%.

HSBC Securities (USA) Inc. will be the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Equity buffer notes
Underlying index:	Dow Jones Industrial Average
Amount:	$1,001,000
Maturity:	June 29, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index increase, capped at par plus 21%; par if the index declines by 20% or less and full exposure to any decline beyond 20%
Initial index level:	8,419.49
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	HSBC Securities (USA) Inc.
Fees:	0.5%

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