New Issue: HSBC prices $3 million 22.1% reverse convertibles linked to Nvidia

New York, March 13 - HSBC USA Inc. priced $3 million of 22.1% reverse convertible notes due Sept. 17, 2008 linked to Nvidia Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Nvidia stock falls below the protection price of $11.424, 60% of the initial price of $19.04, during the life of the notes and finishes below the initial price in which case the payout will be Nvidia shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Nvidia Corp. (Symbol: NVDA)
Amount:	$3 million
Maturity:	Sept. 17, 2008
Coupon:	22.1%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Nvidia stock falls below the protection price of $11.424, 60% of the initial price, and finishes below the initial price, in which case Nvidia shares equal to $1,000 principal amount divided by the initial price
Initial price:	$19.04
Protection price:	$11.424, 60% of $19.04
Pricing date:	March 12
Settlement date:	March 17
Agent:	HSBC Securities (USA) Inc.
Fees:	1.8%

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