New Issue: HSBC prices $5.72 million 0% return optimization securities linked to PHLX Housing via UBS

By Susanna Moon

Chicago, Aug. 13 - HSBC USA Inc. priced $5.72 million of 0% return optimization securities with contingent protection due Aug. 18, 2009 linked to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors will receive par of $10 plus double any index gain, up to a maximum return of 30.5%.

Investors will receive par if the index falls by up to 50% and will share in any losses beyond 50%.

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

Issuer:	HSBC USA Inc.
Issue:	Return optimization securities with contingent protection
Underlying index:	PHLX Housing Sector
Amount:	$5,719,000
Maturity:	Aug. 18, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any index gain, capped at 30.5%; par if index falls by up to 50% and share in losses beyond 50%
Initial index level:	123.96
Trigger level:	61.98, or 50% of initial level
Pricing date:	Aug. 11
Settlement date:	Aug. 14
Agents:	UBS Financial Services Inc., HSBC USA Inc.
Fees:	0.75%

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