New Issue: HSBC prices $0.115 million 14% reverse convertibles linked to Apache

New York, Aug. 28 - HSBC USA Inc. priced $0.115 million of 14% reverse convertible notes due Dec. 1, 2008 linked to Apache Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Apache shares fall below the protection price of $86.82, 75% of the initial price of $115.76, during the life of the notes and finish below the initial price in which case the payout will be Apache shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Apache Corp. (Symbol: APA)
Amount:	$0.115 million
Maturity:	Dec. 1, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Apache shares fall below the protection price of $86.82, 75% of the initial price, and finish below the initial price, in which case Apache shares equal to $1,000 principal amount divided by the initial price
Initial price:	$115.76
Protection price:	$86.82, 75% of $115.76
Pricing date:	Aug. 26
Settlement date:	Aug. 29
Agent:	HSBC Securities (USA) Inc.
Fees:	2%

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