New Issue: HSBC USA prices $9.13 million bearish return optimization securities linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 25 - HSBC USA Inc. priced $9.13 million of 0% bearish return optimization securities due March 27, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus 5% for each 1% decline in the index, subject to a maximum return of 24.5%. Investors will lose 1% for each 1% that the index increases.

UBS Financial Services and HSBC USA Inc. are the underwriters.

Issuer:	HSBC USA Inc.
Issue:	Bearish return optimization securities
Underlying index:	S&P 500
Amount:	$9,125,000
Maturity:	March 27, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times the absolute value of any index decline, capped at maximum return of 24.5%; 1% loss for each 1% index gain
Initial index level:	1,329.51
Pricing date:	March 20
Settlement date:	March 26
Underwriters:	UBS Financial Services and HSBC USA Inc.
Fees:	1.25%

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