New Issue: HSBC prices $8.03 million performance securities linked to S&P 500 via UBS

New York, July 30 - HSBC USA Inc. priced an $8.03 million issue of 0% performance securities with contingent protection due July 29, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes below the trigger level during the life of the notes, the payout at maturity will be par plus the greater of the index return and the contingent return of 25.5%.

If the index does close below the trigger level, the payout at maturity will be par plus the index return, which could be negative.

The trigger level is 75% of the initial level of the S&P 500.

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

Issuer:	HSBC USA Inc.
Issue:	0% performance securities with contingent protection
Amount:	$8,033,560
Underlying index:	S&P 500 index
Maturity:	July 29, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes below the trigger level during the life of the notes, par plus the greater of the index return and the contingent return of 25.5%; if the index does close below the trigger level, par plus the index return, which could be negative.
Initial index level:	1,234.37
Trigger level:	925.78, 75% of initial level
Pricing date:	July 28
Settlement date:	July 31
Underwriters:	UBS Financial Services Inc., HSBC USA Inc.
Fees:	2.5%

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