New Issue: HSBC USA prices $3.08 million 0% notes linked to Financial Select Sector SPDR ETF

By Laura Lutz

Des Moines, April 30 - HSBC USA Inc. priced $3.08 million of 0% enhanced market participation notes due June 30, 2009 linked to shares of the Financial Select Sector SPDR exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final share level is at least the initial level, the payout at maturity will be par plus 200% of any gain on the shares, capped at a payout equal to 140% of par.

If the final share level is below the initial level, the payout will be par times the final performance of the shares.

HSBC Securities (USA) Inc. is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Enhanced market participation notes
Underlying ETF:	Financial Select Sector SPDR (Symbol: XLF)
Amount:	$3,084,000
Maturity:	June 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final share level is at least initial level, par plus 200% of any gain on shares, capped at payout of 140% of par; otherwise, par times performance of shares
Initial level:	$26.95
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	HSBC Securities (USA) Inc.
Fees:	1%

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