New Issue: HSBC prices $2.18 million 98% protected notes linked to BRIC currencies via JPMorgan

By Angela McDaniels

Tacoma, Wash., Oct. 13 - HSBC USA Inc. priced $2.18 million of zero-coupon 98% principal-protected notes due Oct. 14, 2011 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

The basket includes the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted.

The payout at maturity will be 98% of par plus 131% of any basket gain, subject to a maximum return of 17.65%. Investors will receive at least 98% of par.

Issuer:	HSBC USA Inc.
Issue:	98% principal-protected notes
Underlying currencies:	Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted
Amount:	$2,177,000
Maturity:	Oct. 14, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	98% of par plus 131% of any basket gain, up to maximum return of 17.65%; floor of 98% of par
Initial exchange rates:	1.7375 for real, 29.5809 for ruble, 46.41 for rupee and 6.8256 for renminbi
Pricing date:	Oct. 9
Settlement date:	Oct. 15
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%

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