HSBC to price performance securities linked to Nikkei 225

By Susanna Moon

Chicago, June 13 - HSBC USA Inc. plans to price 0% performance securities with contingent protection due June 23, 2011 linked to the Nikkei 225 index, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par of $10 plus any index gain times a participation rate of between 100% and 105%. The exact rate will be set at pricing.

If the final index return is negative, the payout will be par unless the index falls below the trigger level - 75% of the initial index level - during the life of the notes, in which case investors will be exposed to the decline in the final index level.

The notes are expected to price June 18 and settle June 23.

UBS Financial Services Inc. and HSBC USA Inc. will be the underwriters.

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